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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.
- ◦Development
- ◦Financing


