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IPA Arranges $100M Facility to Refi New Rental Homes in LA
IPA Capital Markets, a division of Marcus & Millichap, announced it has arranged a $100 million facility from East West Bank for a JV between Angelo Gordon and Thomas James Homes. The facility will refinance newly constructed, Class-A, primarily two-to-four unit single-family rental homes and enable them to aggregate, scale and expand the venture over time.
“This facility provides a cost-effective takeout of the construction loans as homes are completed and leased to allow for portfolio aggregation, which mitigates most of the risk of a scattered home portfolio,” said IPA Capital Markets’ Steven Buchwald, who along with Jordan Ray and Lexington Henn, closed the loan.
The joint venture’s strategy is to source, build and operate newly construction du-, tri- and quadruplexes in Los Angeles on single, non-contiguous lots for long-term consumer rentals. Angelo Gordon has acquired over $35 billion in properties globally and Thomas James Homes is one of the nation’s largest single-lot, new home replacement builders.
Pictured: Sample Thomas James LA Home
- ◦Financing
