California + Los Angeles + Student Housing | June 20, 2023

Northmarq’s Los Angeles office finalized $14 million of construction financing for a student housing project a few blocks away from the UCLA campus

Northmarq Arranges Construction Loan on UCLA Student Housing

Zalmi Klyne, SVP/managing director of Northmarq’s Los Angeles office, finalized construction financing of $14 million for 535 Glenrock Ave in Los Angeles, a few blocks away from the University of California, Los Angeles (UCLA) campus. Northmarq arranged the financing for the borrower through its relationship with a commercial bank.

“We took this deal out to market in the first quarter of 2023 when a lot of lenders were no longer lending,” said Klyne. “Despite the downtrend, we were able to find a lender who was comfortable with the borrower’s business plan and experience.”

Plans are fully entitled to demolish the existing structure and build a new six-story, 134-bed student housing property on the 0.186-acre site.

Connect

Inside The Story

Northmarq's Klyne

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints