Northmarq Delivers $51M Refi of 1920s-Vintage Portfolio

SVP and managing director Zalmi Klyne of Northmarq’s Los Angeles Debt + Equity team secured the $50.75-million refinance of a 10-property portfolio in the Los Angeles/Hollywood areas overseen by Panot Capital. The buildings were built in the 1920s, and the portfolio consists of 482 units.

The transaction was structured on a seven-year term with four years of interest-only payments at a rate of 5.94%.

“We had a complex borrowing structure and through our insight of the market, we were able to deliver a below-market-rate loan on vintage, brick buildings across Hollywood,” said Klyne.

Established in late 2023 by real estate executives Aaron Iskowitz and Zain Sayed, Panot Capital is a real estate investment management firm headquartered in Houston, with offices in California, New York and Rhode Island. The company was formed to create a data-driven, institutional-quality investment framework for the management of a family-owned portfolio that develops and owns real estate projects with a focus on multifamily and mixed-use communities.

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.