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.