Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), has arranged a $10.35 million financing for a luxury multi-family apartment complex in the North Hollywood neighborhood of Los Angeles. Funding was exclusively secured by Anita Paryani-Rice, Senior Managing Director, based in IPA’s West Los Angeles office.
“As residents continue to return to centralized urban areas, amenity-rich multifamily properties are in high demand and lenders have taken notice,” Paryani-Rice said. “North Hollywood is a thriving and diverse neighborhood full of unique art, culture and charm. Proximity to work hubs such as Los Angles and Burbank makes this property highly sought after and well positioned for long term stability.
The 10-year loan has an LTV of 65% and an interest rate of 3.25%. Unit amenities include smart home technology, washer/dryer access, ambient electric fireplaces, and exceptional waterfall quartz countertops. Residents will also have access to a rooftop lounge and community garden.
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