Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), arranged $10.35 million in financing for a luxury multifamily apartment complex in the North Hollywood neighborhood of Los Angeles. The financing was exclusively secured by Anita Paryani-Rice, senior managing director, based in IPA’s West Los Angeles office.
“As residents continue to return to centralized urban areas, amenity rich multifamily properties are in high demand and lenders have taken notice,” said Paryani-Rice. “North Hollywood is a thriving and diverse neighborhood full of unique art, culture and charm. The proximity to working hubs such as Los Angles and Burbank make this property highly sought after and well-positioned for long-term stability.”
The 10-year loan has a 65-percent LTV and an interest rate of 3.25 percent. In-unit amenities include smart home technology, washer/dryer access, ambient electric fireplaces, and exceptional waterfall quartz counter tops. Residents will also have access to a rooftop lounge and community garden.