LOS ANGELES, CA - CapitalSource Inc., through its wholly owned subsidiary CapitalSource Bank, announced today that it has provided $16.8 million to Beverly Hills Apartments LLC for the acquisition of Beverly Hills Triangle Apartment Portfolio, three Class “B” multifamily properties in prime areas of Beverly Hills, California. The financing was processed and secured in 30 days. CapitalSource is one of the leading commercial lenders in the United States.
Beverly Hills Apartments LLC is a joint venture between Xenon Investment Corporation and L.A. Housing Solutions. Xenon is an experienced owner and manager of multifamily properties with more than 25 years of experience. Xenon, whose directors are Rohit Mehta and Deepak Mehta, own and manage a $275 million multifamily portfolio that comprises in excess of 1,000 units throughout Los Angeles.
Built from 1961 to 1967, the Beverly Hills Triangle Apartment Portfolio consists of 97 apartment units within three, three-story, buildings. The unit mix includes 1 bedroom/1 bath units, 1 bedroom/1.5 bath units, 1 bedroom/1.75 bath units, 2 bedroom/1.75 bath units, and 3 bedroom/2 bath units. The properties also feature subterranean garage parking spaces, outdoor swimming pools and central air.
The properties in the Beverly Hills Triangle Apartment Portfolio are all stable assets with average occupancy of 96%, and there is high demand for traditional apartment-style living in the area, with a limited supply of units,” noted Vishal Vanjani, director of CapitalSource’s Real Estate group. “Multifamily is also a targeted growth area within our real estate lending platform. These factors, combined with Xenon’s solid track record as an experienced owner and operator of multifamily properties, made this an attractive deal for CapitalSource.”
The properties are located at 330 and 350 North Crescent Drive, and 415 N Oakhurst Drive in Beverly Hills, California.
About CapitalSource
CapitalSource Inc. (NYSE: CSE) is a commercial lender that provides financial products to small and middle market businesses nationwide and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. As of September 30, 2011, CapitalSource had total assets of $8.4 billion and $4.9 billion in deposits. Visit www.capitalsource.com for more information.