Developer Fifteen Group has secured $155 million to refinance its sprawling 1,175-unit Wyvernwood Apartments in Boyle Heights.
UBS provided the five-year, interest-only loan, which valued the 630-acre complex at $205 million, according to Commercial Observer. The loan is UBS’s largest CMBS deal of the year.
Miami-based developer Fifteen Group has owned the 1,200-unit complex at 2901 East Olympic Boulevard for 20 years. The development remains nearly fully occupied, according to Commercial Observer and it’s annual income is about $10 million.
The company is led by co-founder and principal Mark Sanders. In 2016, Fifteen Group had proposed building a mixed-use complex with 4,400 residential units there and 300,000 square feet of retail and office space.
Last year, a $23 million housing development for the homeless and mentally ill in Boyle Heights was stalled by the City Council’s Planning and Land Use Management Committee amid escalating tensions within the community.