IDB Bank Lends $51M for L.A. Multifamily Portfolio
By Greg Cornfield April 15, 2024 4:00 pm
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Israel Discount Bank of New York (IDB Bank) is backing a multifamily portfolio in Los Angeles.
Panot Capital secured a $50.8 million refinance from IDB Bank for a portfolio of 10 properties completed in the 1920s with a total of 482 units in Hollywood and other parts of Los Angeles. The refinance comes on a seven-year term with four years of interest-only payments at a rate of 5.94 percent. Northmarq announced and arranged the financing.
“In partnering with Northmarq, we effectively arranged a holistic and competitive financing solution that can meet the unique needs across the portfolio,” IDB Bank’s John Greenbaun said in a statement shared with CO. “We credit this successful swap execution to our lending agility and client-first operating model, creating competitive borrowing terms in an aggressive rate environment.”
“We had a complex borrowing structure; and through our insight of the market, we were able to deliver a below-market-rate loan on vintage brick buildings across Hollywood,” said Northmarq Senior Vice President and Managing Director Zalmi Klyne.
Aaron Iskowitz and Zain Sayed launched real estate investment management firm Panot Capital out of Houston late last year to focus on multifamily and mixed-use communities.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
