California Landmark scores $85M refi on LA apartments
Mesa West Capital provided loan on Hollywood, Brentwood properties totaling 157 units
California Landmark Group has scored nearly $85 million to refinance a pair of apartment complexes on the Westside.
The Los Angeles-based developer received the loan from Mesa West Capital for a 78-unit complex in Brentwood and a 79-unit complex in Hollywood, Mesa West said Monday.
Terms of the loan were not disclosed, but records show Mesa West provided a $41.75 million loan for the Hollywood property, which is located near Laurel Canyon at 7928 Hollywood Boulevard. The complex includes one-, two- and three-bedroom units, with asking rents ranging from $3,099 for a one-bedroom to $4,750 for a three-bedroom, according to online listings.
The locally based lender, which is owned by Morgan Stanley, also gave $43 million to the Brentwood complex at 1168 South Barrington Avenue. That property offers one- to three-bedroom apartments, with amenities including a rooftop lounge. Asking rents at the complex range from $3,950 for a one-bedroom to $4,799 for a two-bedroom penthouse.
“The bulk of the multifamily inventory in these submarkets are older product,” making California Landmark’s complexes more attractive to renters, Mesa West’s Josh Westerberg said in a statement.
Mesa West provided the financing through its fifth income fund, which had a $1 billion fundraising target when it launched in July 2020.
The lender has extended a significant amount of financing on multifamily assets in recent months. Last week, Mesa West said it provided SRM Development $67 million to refinance a 199-unit senior housing property in Milpitas. Outside of California, Mesa West recently lent $97.7 million in acquisition financing for two multifamily properties in Raleigh.
The complexes in Hollywood and Brentwood make up part of California Landmark’s 2,000-unit portfolio across Southern California.
The developer bought the land for the complexes for $16.7 million in 2011, records show, and completed construction in 2014. The company also has projects in Koreatown, Marina Del Rey and Larchmont Village, according to its website.