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SHERMAN OAKS, CA-The owners of the 47-unit Hyde Park Apartments at 7319 Hazeltine Ave., 4401 Sepulveda LLC, have secured nearly $13.63 million via Holliday Fenoglio Fowler to convert the property to condominiums. Mark Wintner of the Los Angeles office of HFF says that the loan for converting the five-story multifamily property is a one-year adjustable through Inland Mortgage Corp.
Hyde Park Apartments comprises 24 one-bedroom, 19 two-bedroom and four three-bedroom units, with two apartments designated for affordable housing. The property, one of two in the San Fernando Valley for which owners landed conversion financing recently, was already subdivided with a tentative condominium tract.
The other property is a 19-unit complex at 7319 Hazeltine Ave. in Van Nuys. The financing is a $3.94-million loan that Wintner arranged on behalf of Hazeltine Townhomes LLC. Builders Bank provided the one-year, adjustable-rate loan.
The complex, a block from the San Diego Freeway, features townhouses of two and three bedrooms with private entrances, washer-dryers and two-car garages. The units range from 1,050 sf to 1,245 sf.
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