Fifteen Group secures $155M to refi Boyle Heights resi complex
The 1,175-unit Wyvernwood Apartments is nearly fully occupied
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.
The project, known as Lorena Plaza, would have been funded by money generated by Measure HHH, a voter-approved $1.2 billion bond issue to finance housing for the homeless. [CO] — Laurie L. Dove