Panot Capital has scored a $50.8 million loan to refinance 10 century-old apartment buildings in Hollywood and other parts of Los Angeles.
The Houston-based investor led by Aaron Iskowitz and Zain Sayed secured the loan for the vintage properties with 482 apartments across the city, the Commercial Observer reported. The locations of each property were undisclosed.
The loan from Israel Discount Bank of New York, or IDB, comes on a seven-year term with four years of interest-only payments at a rate of 5.94 percent.
The deal was arranged by Northmarq, which described it as “a below-market-rate loan on vintage brick buildings across Hollywood.”
Pinot Capital, founded late last year, focuses on data-driven multifamily and mixed-use properties, with offices in Houston, Los Angeles, New York and Rhode Island.
The startup has acquired a portfolio of 1.3 million square feet of properties with more than 850 units, and 11.3 million square feet of land in California, New Jersey, North Carolina, Ohio and Rhode Island, according to its website.
Its Los Angeles portfolio includes 532 apartments within 263,300-square-feet of buildings.
— Dana Bartholomew
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