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Laguna Point Re-Enters L.A. Market with $329M Apartment Portfolio
JLL’s Capital Markets arranged $328.8 million in acquisition financing for a five-property, 1,037-unit multifamily portfolio in Downtown Los Angeles. The firm’s Charles Halladay, Jamie Kline and Charlie Vorsheck represented Laguna Point Properties, and secured the three-year, floating-rate acquisition loan with two 12-month extension options through MF1 Capital, LLC.
The portfolio includes four historic pre-war buildings and a 1959-vintage building converted from office. They include the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all converted between 2007 and 2010.
“This transaction provides Laguna Point with an opportunistic scenario through which the company can re-enter the Los Angeles market,” said Garrett LaBar, Laguna Point’s director of acquisitions and dispositions.
Halladay added that DTLA has seen “a significant rebound in rent fundamentals. MF1 Capital, LLC and Laguna Point found an incredible opportunity to partner together and take advantage of this positive momentum in the urban core.”
- ◦Sale/Acquisition
- ◦Financing
