Retail-to-Resi Plans Secure Loan in Los Angeles
Plans call for a combined 378 new units in Santa Monica, Hollywood, and North Hollywood
By Greg Cornfield April 23, 2024 6:10 pm
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Beverly Hill development and investment firm Bolour Associates announced Tuesday that it has provided $20 million in debt financing for the multifamily redevelopment of three properties in prominent locations in Greater Los Angeles.
The borrower, North Carolina-based Grubb Properties, will use the funds to revamp three sites by adding a combined 378 new apartments. Terms of the financing were not immediately disclosed.
One property currently includes 10,500 square feet of retail at 700 Santa Monica Boulevard in Santa Monica, and it’s slated for 99 new units. A second property includes 27,000 square feet of retail at 1200 Vine Street in Hollywood, and will be redeveloped into 151 units. The third site is a 30,900-square-foot land parcel at 5240 Lankershim Boulevard in North Hollywood in the San Fernando Valley, which will become 128 apartments.
“The debt solution we structured provides flexibility to support Grubb’s business plan that will bring hundreds of much-needed new apartments to the supply-constrained Los Angeles market,” Bolour CEO Mark Bolour said in a statement.
Grubb Properties says it has approximately $2.5 billion in multifamily, office, retail and life sciences assets under management.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
