LOS ANGELES, CA – HFF announces $25 million in financing for The Line Lofts, a newly completed, architecturally inspired community in Los Angeles’ iconic Hollywood neighborhood comprising 82 residential lofts and flats and a robust collection of hospitality-inspired amenity spaces designed to act as an extension of each residence.
The HFF team worked on behalf of the borrower, Wilshire Skyline, to arrange the 10-year, 4.45 percent fixed-rate loan through a correspondent life insurance company. The non-recourse loan replaced existing construction financing and includes a $5 million future earn-out component at stabilization. The loan is among the first of its type to close through a new debt program that allows borrowers to close on long-term loans and lock in lower interest rates prior to being fully stabilized if the development can support strong underwriting and high appraisals. The property, which celebrated its grand opening on Memorial Day weekend, achieved 75 percent occupancy within its first four months.
The Line Lofts is located at 1737 N. Las Palmas Avenue just northeast of the high-profile intersection of Hollywood Boulevard and N. Highland Avenue. Designed by award-winning architect Zoltan Pali of SPF:architects, the six-story, Class A property blends modern architectural elements with energy-efficient, open floor plans ranging from 415 to 1,477 square feet featuring luxury kitchens and baths; double-pane architectural windows, which optimize natural light and views of the city and the Hollywood Hills; wood-grain plank flooring; and atrium-style outdoor balconies. Common areas include The Sky Lounge, a penthouse-level lounge providing unobstructed views of the city; The Retreat, an indoor/outdoor recreation center with a kitchen and lofted library, which opens to the outdoor pool and spa deck; The Wellness Spot, a lobby-level gym; and ground-floor retail. The property, which has a WalkScore® of 97, offers a menu of various concierge services and offers immediate access to some of Los Angeles’ top retail, dining, nightlife and recreation destinations as well as two metro stations and U.S. Highway 101.
The HFF debt placement team representing the borrower consisted of managing director Mark Wintner.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Wilshire Skyline: Founded by Eugen and Raphy Nissel in 1973 and incorporated in 1989, Wilshire Skyline is a service-forward real estate management and development company committed to quality in all things with all people — residents, vendors and staff alike.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.