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Northmarq Finalizes $21M Loan for Purchase of LA Mixed-Use Building

Northmarq Finalizes $21M Acquisition Loan for LA Building

Northmarq’s Los Angeles debt/equity team has arranged the $20.8 million acquisition financing of 2024 and 2065 West 6th Street, a mixed-use property in Los Angeles. The two five-story buildings total 73,000 square feet, with 2 lower levels of retail/office space, two upper levels containing 66 studio apartments and a parking garage sandwiched in between. The property was 81% occupied at the time of sale.

“Although the market had a lot of interest rate volatility and treasuries rose over 65 bps when we signed up the deal, we were able to get the lender to hold the original rate and close the loan in less than 60 days from application,” said Northmarq senior vice president/managing director Zalmi Klyne.

The transaction was structured with a 3-year fixed bridge loan with interest only payments. Northmarq arranged the fixed-rate loan for the borrower through a local bank.

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NorthmarqZalmi Klyne

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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