HFF arranges $15 million financing for 67-unit apartment community in Los Angeles
LOS ANGELES, CA – August 25, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $15 million in financing for HoM @ West Temple, a 67-unit, Class A apartment community in Los Angeles’ Silver Lake submarket.
HFF worked exclusively on behalf of the borrower, Sharp Capital (Sharp), to place the seven-year, 3.51 percent loan with Principal Real Estate Investors (Principal). Sharp completed the property in February 2016, and the new financing will replace existing construction debt. Principal offered an early rate lock, securing the interest rate three months prior to funding when the property was 50 percent pre-leased in order for Sharp to complete leasing efforts.
HoM @ West Temple features a four-story building with one level dedicated to parking and a 750-square-foot café on the ground floor. Units have stainless steel appliances, quartz stone countertops, designer fixtures, walk-in closets, polished concrete floors or distressed wood-style flooring, in-unit security systems, and balconies/patios offering views of the garden, city skyline or Hollywood Hills. Community amenities include a landscaped courtyard, garden, grilling area, 24-hour fitness center, clubhouse with pool table, media center, car charging station and on-site management. The property is located at 3221 West Temple Street just off Highway 101 and Silver Lake Boulevard in the Silver Lake submarket, which is proximate to Dodger Stadium, Griffith Park and downtown Los Angeles.
The HFF debt placement team representing the borrower was led by director Jeff Sause.
“Placing long-term financing on this asset demonstrates both our longstanding commitment to the vibrant Silver Lake submarket, as well as the banking community’s confidence in Sharp,” said David J. Shophet, a principal of Sharp Capital. “We look forward to continuing to participate in further development within this growing area of Los Angeles.”
About Sharp Capital
Sharp Capital (Sharp) is based in Beverly Hills and for more than 30 years they have specialized in maximizing the profit potential of undervalued land and properties throughout Los Angeles. The family-owned nature of Sharp's business and investments has allowed the company to dramatically increase the swiftness of transactions. Since Sharp invests its own personal capital, the company is able to close deals in as little as seven business days, thus reassuring sellers and brokers of the soundness of their investments with this unique firm.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $69.9 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of Jun. 30, 2016.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.