West Los Angeles-based developer California Landmark Group has received $84.8 million in financing to recapitalize two apartment buildings in L.A.The loan was provided by Mesa West Capital, a lender based in Brentwood.
The money was given for one property in Hollywood and another in Brentwood.. The larger of the two properties by the number of units is a 79-unit courtyard building in Hollywood known as HW by CLG. It is located on Hollywood Boulevard between Laurel Canyon and Fairfax Avenue. The property has one- and two-bedroom units. It also has a rooftop deck, pool and spa, screening room and a cardio and weight center.
The second property is a 78-unit building in Brentwood known as the BW by CLG. It is located at the northeast corner of Barrington Avenue and Wilshire Boulevard and contains one-, two- and three-bedroom units.
It has a rooftop lounge with an outdoor kitchen and grilling pavilion, 24-hour cardio and weight studio and a ground floor restaurant operated by Ramin Nouri.
“Both properties are located in strong pockets of Los Angeles with high renter demand,” Josh Westerberg, executive director at Mesa West Capital who led the origination team for the loan, said in a statement. “The bulk of the multifamily inventory in these submarkets are older product and both of these properties stand out as high-quality options for tenants looking for better amenities and high-quality interior finishes.”
Mesa West Capital, founded in 2004, does non-recourse first mortgage loans for core/core-plus, value-added or transitional properties, has closed more than 300 transactions for more than $20 billion since its founding.