State Farm Insurance Provides $25M Takeout Loan on West LA Apartment Complex
Financing will retire construction debt California Landmark Group accumulated on developing The SW by CLG in West LA
By Brian Pascus February 9, 2024 2:39 pm
reprints
California Landmark Group, a Los Angeles-based developer, has secured $25.4 million in takeout financing to retire the construction debt associated with The SW by CLG, an 88 unit apartment complex in West Los Angeles, Commercial Observer has learned.
State Farm Insurance provided the financing, a five-year fixed-rate loan with interest-only terms and flexible prepayment structures underwritten into the deal. Gantry’s Andy Bratt and Sean Kuang represented the sponsor.
“Sponsorship developed an exceptional property in the vibrant Japantown submarket in West LA, that blends into the community,” Bratt said in a statement. “Multifamily in tight markets, such as this, is highly desirable and a well performing asset class in today’s environment.”
Bratt praised State Farm Insurance and its relationship with Gantry as one of the keys to making the deal work.
“Our correspondent life insurance companies have substantial allocations and desire to deploy capital for high quality, performing multifamily properties in this space,” he said. “Sponsorship had a very specific approach to finding the right capital source for SW by CLG and recognized Gantry’s mortgage banking platform as a great way to access best-in-class life insurance companies.”
Located at 1947 Sawtelle Boulevard in West Los Angeles, The SW by CLG opened in 2019 and features 88 apartments spread over four floors. Ranging from studios to two-bedrooms, the units feature open concept layouts and 11 foot ceilings. The building itself includes a pool, a fitness center, a spa, electric vehicle charging stations, and a community courtyard.
Brian Pascus can be reached at bpascus@commercialobserver.com
