Redwood Urban Secures $108M for 400 Units in Los Angeles
Portfolio includes apartments in Hollywood, Beverly Hills and Long Beach
Redwood Urban has secured $108.4 million in refinancing for nine multifamily properties in Hollywood, Beverly Hills and Long Beach in Los Angeles County.
The 400-unit portfolio was refinanced with a Fannie Mae credit facility. Bellwether Enterprise Real Estate Capital (BWE) originated the loan for Redwood and announced the refinancing. REBusiness Online first reported the deal. Redwood did not immediately return requests for comment.
Strong investment and increased sales prices persist in Southern California as the average apartment rent rises at more than twice the rate of inflation. For example, Redwood’s refinance follows shortly after MF1 Capital’s $328.8 million acquisition loan for Laguna Point Properties’ big 1,037-unit acquisition downtown.
Six properties totaling 267 units in Redwood’s portfolio are adjacent to or within a block and a half of each other near Hollywood’s tourism district just north of Hollywood Boulevard. They are located near the Ovation Hollywood retail center at Hollywood and Highland, and near many other landmarks like the TCL Chinese Theatre and the Capitol Records tower.
The portfolio also includes 29 units at 9152 Alden Way in Beverly Hills and at 8600 Burton Way in L.A. near Cedars-Sinai Medical Center. Finally, there are 104 units at 210 Third Avenue and 225 Long Beach Boulevard in Long Beach, which features 15,000 square feet of ground-floor retail space.
Jason Krupoff of BWE’s Irvine office originated the loan.
Gregory Cornfield can be reached at firstname.lastname@example.org.