Monday, April 29, 2024

BOLOUR provides over $20 million in debt for three-site Southern California portfolio

 Mark Bolour
  

Los Angeles, CA — Bolour Associates Inc. (BOLOUR) has provided over $20 million in debt financing for the redevelopment of three Southern California retail projects. Upon redevelopment, the sites will deliver 375 new apartment units by North Carolina-based Grubb Properties.

 

BOLOUR is a privately owned real estate finance, development and investment company based in Beverly Hills, California. Grubb Properties, with approximately $2.5 billion in multifamily, office and retail real estate assets under management, has been developing and operating moderate-priced rental housing since 1963.

 

The three-deal transaction includes:


 700 Santa Monica Blvd
700 Santa Monica Blvd., a 10,500-square-foot retail property slated for redevelopment into 99 apartment units located minutes from the Santa Monica State Beach and Pier.

·       1200 Vine St., a 27,000-square-foot retail property in the heart of Hollywood that will be redeveloped into 151 apartment units.



·        5240 Lankershim Blvd., a 30,900-square-foot land parcel in North Hollywood with plans for redevelopment into 128 apartment units.




 “BOLOUR was able to draw on the expertise of our in-house development and investment teams to carefully evaluate Grubb Properties’ strategies for these sites, including both maintaining the current retail properties on an interim basis and later redeveloping them as multifamily housing,” said BOLOUR CEO Mark Bolour.


     5240 Lankershim Boulevard


“The debt solution we structured provides flexibility to support Grubb’s business plan that will bring hundreds of much-needed new apartments to the supply constrained Los Angeles market.”

 

 

CONTACT:

 

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association

of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry: 

 I do what I love and love what I do.”

 

BolourAssociates.com.

 

 

 

 

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