A US$ 40M senior construction loan has been secured for Six Peak Capital and Grandview Partners‘ multifamily units in Los Angeles. The funding was secured from the East-West Bank according to WAY Capital. East-West Bank is the primary subsidiary of East West Bancorp, Inc. It is also the largest publicly traded bank in Southern California, United States.
Particularly the Six Peak Capital and Grandview Partners’ multifamily units will be located at 4339 and 4367 Berryman Avenue. The project entails the construction of two four-story buildings with a variety of three-, five-, and six-bedroom units. The units will be between 1,297 and 2,204 square feet in size.
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The planned completion date for construction is 2024.
Remarks on the Six Peak Capital and Grandview Partners’ multifamily units in Los Angeles
The projects “reflect Six Peak Capital‘s conviction around providing housing in some of the most costly places in L.A, according to Chris Aiello. This development is near vital job centers at more reachable price points for the young professional workforce.
The suite living initiatives are a modern response to the ongoing housing availability and shortage crisis according to Malcolm Davies of WAY Capital. Moreover, Davies said that this project creates a lovely living environment in Mar Vista. Further, the neighborhood is popular with Millennials and Generation Z.
Other projects within the region funded by the East-West Bank
It was revealed earlier this month that East-West had contributed $100 million to the refinancing of other projects in the region. These projects are the recently built single-family rental homes for Angelo Gordon and Thomas James Homes. They are located roughly five miles from Berryman Avenue.
In Greater Los Angeles, the Westside has the highest average rent ($2,790/month) and by far the highest average sale price ($533,174/unit). The county’s average rent is $2,148, while the median price of a unit is $424,911, according to Colliers’ multifamily report for the third quarter.
Additionally, Six Peak Capital obtained a non-recourse loan from MF1 for US$54 million to buy a portfolio of three traditional multifamily properties.
