SAN FRANCISCO, CA – HFF announces financing totaling $42.33 million for a six-property, 222-unit multi-housing portfolio in Los Angeles, California.
The HFF team worked on behalf of the borrower, Mosser Capital, to secure three separate five-year, floating-rate loans through ACORE Capital, LP. Loan proceeds were used acquire the properties, upgrade common areas and improve rental units as they turn.
The properties in the portfolio are: 1317 Bronson (16 units), 1417 Bronson (45 units), 407 Gramercy (31 units), 1217 Berendo (16 units), 1234 Berendo (14 units), and the Lido Apartments at 6500 Yucca Street (100 units). All properties are near mass transit in the Hollywood and Koreatown submarkets.
The HFF debt placement team representing the borrower included senior managing director Peter Smyslowski and associate Bercut Smith.
“The portfolio acquisition is an excellent representation of a greater value-add strategy that Mosser intends to implement in various submarkets around West Los Angeles,” Smyslowski said.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Mosser Capital: Mosser is a leading investor, acquirer and operator of value-add, rent-stabilized urban workforce housing in San Francisco, Oakland and Los Angeles for institutional and high-net-worth investors. Since Mosser’s founding in 1968, the company has become a highly sophisticated leader in urban workforce housing specializing in West Coast gateway markets. Mosser’s portfolio comprises more than $1.3 billion in apartment assets in emerging neighborhoods throughout the San Francisco Bay Area and Los Angeles, totaling more than 3,000 units. mossercapital.com
About ACORE Capital, LP: ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For investors, ACORE is focused on generating alpha through attractive commercial real estate debt investments coupled with superior risk management. ACORE is led by commercial real estate finance veterans Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan. For more information, please visit acorecapital.com
About HFF: HFF and its affiliates operate out of 25 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.