$48M Refinancing for LA Residency Granted To BentallGreen Oak
$47.5 million has been given to a joint venture consisting of MWest Holdings and BentallGreenOak for the refinancing of a building in LA, The View, a 168-unit luxury community located in Los Angeles. On behalf of a fund managed by CIM, the loan was arranged by CIM Real Estate Debt Solutions.
Yardi Matrix data indicates that the partnership paid $73.3 million for the property in 2018. Principal Financial Group provided a $46.6 million loan to finance the acquisition. January 2024 was the note’s maturity date.
In 1965, the 13-story structure opened as a hotel. The property was converted to multifamily use, and CIM Group purchased it in 2013 after a $25.5 million capital expenditure plan was put into place.
The community features 518–1,357 square foot studio, one-, and two-bedroom floorplans, as well as 3,000 square feet of first-floor retail space. Modern kitchens with granite countertops and stainless appliances, in-unit laundry facilities, and, in some cases, private balconies or patios are all features of the apartments.
Facilities in the common areas include a screening room, fitness center, yoga studio, library, community room, and swimming pool with sundeck, daybeds, and private cabanas. There are also over 200 parking spots and an EV charging station.
The building is located in Koreatown and sprawls on a 0.9-acre land. The more precise location is at 3460 W. Seventh St. Wilshire/Normandie metro station is within walking distance, and the locations of Koreatown Plaza, Rodeo Galleria Shopping Centre, and Western Plaza are all one mile away. Los Angeles’s downtown is located about 4 miles southeast, and Hollywood is located 3.9 miles northwest.
A luxury development with 438 units that is almost finished is located 3 miles away from the location. The first occupants of the building are expected to move into their apartment in early 2024.
BGO is a real estate investment firm and CIM Real Estate Debt Solutions is a fund originator and distributor for real estate development projects across the United States.
