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Bolour Arranges Debt to Redevelop Three LA Properties into Multifamily
Bolour Associates Inc. provided more than $20 million in debt financing for the redevelopment of three Southern California retail projects. Upon redevelopment by North Carolina-based Grubb Properties., the sites will deliver 375 new apartment units.
The three-deal transaction includes the following:
- 700 Santa Monica Blvd., a 10,500-square-foot retail property slated for redevelopment into 99 apartment units near the Santa Monica State Beach and Pier.
- 1200 Vine St., a 27,000-square-foot retail property in Hollywood that will be redeveloped into 151 apartment units.
- 5240 Lankershim Blvd., a 30,900-square-foot land parcel in North Hollywood with plans for redevelopment into 128 apartment units.
“Bolour was able to draw on the expertise of our in-house development and investment teams to carefully evaluate Grubb Properties’ strategies for these sites, including both maintaining the current retail properties on an interim basis and later redeveloping them as multifamily housing,” said Bolour CEO Mark Bolour.
How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.
- ◦Development
- ◦Financing
