MF1 Provides Bridge Loan for Apartment Renovation in LA’s Hancock Park
By Greg Cornfield March 29, 2023 11:30 am
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Multifamily is the best bet for commercial real estate investors these days in Los Angeles.
MF1 Capital has provided $37.7 million in bridge financing for a 78-unit multifamily property in Hancock Park, a residential neighborhood south of Hollywood.
Capital markets adviser George Smith Partners (GSP) arranged the financing for the landlord, Beverly Hills-based ESI Ventures, but did not disclose the terms of the loan or other details of the transaction. The funds will help the owner reposition and renovate the building at 410 North Rossmore Avenue, which includes studios, one-bedroom units and two-bedroom units. It’s across the street from the Wilshire Country Club and next door to the historic El Royale Apartments northwest of Larchmont Village.
“Despite the challenging market dynamics, we secured a highly competitive bridge facility that enables ESI to execute their business plan and revitalize this generational asset,” GSP’s Brandon Asherian said in a statement.
MF1 Capital, a partnership between Berkshire Residential Investments and Limekiln Real Estate, has financed other multifamily assets in Los Angeles, including $328.8 million in acquisition financing for Laguna Point Properties’ deal nearly a year ago to acquire Barry Shy’s 1,037-unit portfolio, which was one of the largest housing deals of in 2022.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
