April 8, 2016
Los Angeles-based George Smith Partners secured $30 million in bridge financing for 3.48 acres of fully entitled multifamily development land and a 68,834 square-foot office building in Hollywood. The transit-oriented multifamily project is planned to include a combined total of 253 residential units, along with 4,060 square feet of ground-floor commercial space.
Phase One of the business plan is to finish cap ex, tenant improvements, construction of a parking garage on the adjacent lot, and sell the existing office building. Phase II is to develop two, seven-story multifamily buildings on the remaining land.
George Smith Partners’ Malcolm Davies, Kyle Henrickson and Teddy Stutz arranged the financing, on behalf of a Los Angeles-based developer and its foreign-based equity partner.