SAN FRANCISCO, CA – JLL’s Capital Markets group announced that it has arranged $328.8 million in acquisition financing for a five-property, 1,037-unit multi-housing portfolio located in downtown Los Angeles, California.
JLL represented the borrower, Laguna Point Properties, and secured the three-year, floating-rate acquisition loan with two 12-month extension options through MF1 Capital, LLC.
The portfolio includes four historic pre-war buildings and a 1959-vintage building converted from an office asset. The portfolio properties are the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all of which underwent their conversions between 2007 and 2010.
“This transaction provides Laguna Point with an opportunistic scenario through which the company can re-enter the Los Angeles market,” said Garrett LaBar, Laguna Point Properties Director of Acquisitions and Dispositions. “Laguna Point believes that the timing could not be better, given the recent gains in occupancy and rent momentum in downtown LA. With employees returning to work in the area in large numbers, the portfolio is well-positioned to benefit from the increasing demand for rental housing.”
A JLL Capital Markets Debt Advisory team led by Senior Managing Director Charles Halladay, Director Jamie Kline and Associate Charlie Vorsheck represented the borrower.
“Downtown LA has seen a significant rebound in rent fundamentals,” Halladay said. “MF1 Capital, LLC and Laguna Point found an incredible opportunity to partner together and take advantage of this positive momentum in the urban core."