Jerry Wise of the Los Angeles office of Dallas-based Holliday Fenoglio Fowler LP says the loan is a 30-year adjustable financing based on the Certificate of Deposit Index. Wise arranged the financing on behalf of the buyer, Teriton Investors LLC of San Francisco, an affiliate of San Francisco-based EDM Investments.
Wise says the garden-style apartment complex, built in 1949, is 100% occupied. The Teriton is a one-building complex in a two-story design, with wood frame construction at the intersection of Ocean Avenue and San Vicente Boulevard. It includes 19 one-bedroom units, eight two-bedroom units and a single three-bedroom unit with den. Units range from 700-sf one-bedrooms to 1,500 sf for the three-bedroom apartment. Three units were empty at the close of the sale, but they have since been rented.
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