KKR Provides $101M Refi for AMCAL’s The Clarendon
By Anna Staropoli May 31, 2024 4:11 pm
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Global investment firm KKR has provided the owners of The Clarendon apartment complex in Los Angeles with a $101 million loan, property records show.
Santa Monica-based mortgage brokerage company Gortikov Capital arranged and announced the two-year, floating-rate senior bridge loan Friday. Owned by developer AMCAL Housing, the 385,978-square-foot multifamily building consists of 335 units in a five-story building in Woodland Hills, as indicated by AMCAL. The apartment building was developed in 2020 and sits at 22121 Clarendon Street just off the Topanga Canyon Boulevard exit off Highway 101 in the San Fernando Valley.
The quality of the Clarendon, as well as its performance thus far and central location, factored into the loan, per Gortikov Capital’s statement. Gortikov added that the loan has limited structure, has an interest rate on par with the market, and features a low prepayment penalty.
Gortikov President Bryan Gortikov represented the borrower in the deal. It is unclear who managed the loan for KKR. Spokespeople for both KKR and Gortikov did not immediately respond to a request for comment.
This $101 million loan marks yet another success for KKR, which is one of the most influential firms in commercial real estate with more than $500 billion in assets under management. Earlier this month, KKR put forth $600 million for a joint venture fund with Healthcare Realty Trust.
In addition to its multifamily portfolio, AMCAL develops affordable, student and workforce housing.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
