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Sunday, Sep 24, 2023

Luxury Apartment Building in Downtown Gets $90M Loan


A luxury apartment complex in downtown near L.A. Live has received a $90 million permanent placement loan. The loan replaces a maturing construction loan to finance a 208-unit property at 1133 S. Hope St. known as 1133 Hope.

It was provided by an insurance company and arranged by Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment Inc.

The property, which is 28 stories tall, was built in 2020. It has studio, one-, two- and four-bedroom units. Its amenities include a fitness center, outdoor pool with cabanas, outdoor grilling facilities, clubhouse and business center.

Bellwether’s Stephen Perricone and Thomas Mazlo originated the loan.
“Our team at BWE was excited to help the borrower secure financing for this truly impressive downtown Los Angeles property,” Perricone said in a statement. “The amenities and location of this property provide an unparalleled experience for those who call 1133 Hope home.”

It isn’t the only big loan recently announced for downtown. Earlier this year, it was announced that data center One Wilshire received a $389.25 million refinancing loan. It is considered a data center hub for the West Coast due to its large fiber-optic network.

San Francisco-based GI Partners was given the 10-year, fixed-rate, non-recourse, full-term, interest-only loan from Goldman Sachs Group Inc. for the property at 624 S. Grand Ave. The loan is being used to pay off GI Partners’ current loan on the 661,553-square-foot One Wilshire and to return some equity.

Bellwether Enterprise Real Estate Capital
1133 Hope in downtown.

Last year, a historic building in downtown known as the May Company Garage Building received a $10.7 million loan to refinance. It is owned by Beverly Hills-based Markwood Enterprises and sits at 900 S. Hill St. The property, which dates back to the 1920s, is six stories tall and has 422 parking spaces and ground-level retail.

Also downtown, a $10 million loan was given to a 68,000-square-foot parking lot adjacent to Staples Center. The lot has 175 parking spaces and was acquired by Criscione-Meyer Entitlement in September.

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