 |
| 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 |
· 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)
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.”
No comments:
Post a Comment