A $75 million mortgage loan has been given to refinance a multifamily community in Koreatown.
The property, at 900 South Vermont Ave., is known as The 900 Apartments. It is a six-story property with 193 units.
A fund sponsored by CBRE Group Inc.’s CBRE Investment Management closed on the loan, which has a three-year term. The property was built in 2021.
“This transaction was an attractive opportunity to lend on a high-quality asset that is well situated in the Koreatown market,” Charles Kim, managing director for CBRE Investment Management, said in a statement. “Since delivering in late 2021, this property has demonstrated strong leasing velocity and is expected to reach stabilized occupancy within the next few months. We believe that the property’s excellent location, nearby walkable amenities and convenient access to public transit will allow it to remain a premier destination for tenants for the long-term.”
The 900 Apartments consists of studios and one- and two-bedroom units. Amenities include a fitness center, and a rooftop deck.
“CBRE Investment Management met the borrower’s required timeline, which was aggressive, and provided a favorable loan structure, which was accretive for the Sponsor’s overall strategy,” Ed Kim of Berkadia, who arranged the loan on behalf of the sponsor, said in a statement.
The 900 Apartments isn’t the only multifamily property to receive a large loan recently.
In April, it was announced that Mission Viejo-based Laguna Point Properties received $328.8 million in acquisition financing for a five-property multifamily housing portfolio in downtown.
The money was provided for a portfolio with 1,037 units consisting of the 184-unit SB Lofts at 548 S. Spring St., the 214-unit SB Main at 111 W. 7th St., the 198-unit SB Manhattan at 215 W. 6th St., the 178-unit SB Spring at 650 S. Spring St. and the 263-unit SB Tower at 600 S. Spring St., all in downtown.