(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
HOLLYWOOD-A joint venture of Legacy Partners and AIG Global Real Estate has refinanced the 183-unit 7950 W. Sunset Blvd. apartment complex with a $42.7 million loan arranged by CB Richard Ellis Capital Markets Group. CBRE executive vice president Brian Eisendrath says that the lender was a life insurance company that underwrote the financing based upon "trending rent growth and positive market fundamentals."
The result was a loan delivering maximum proceeds at a 7% debt yield, delivering an additional $2 million dollars compared to the competition, he said. In addition to Eisendrath, the CBRE Capital Markets Group team that arranged the financing included senior vice president Brian Halpern, associate Justin Arquilla and analyst Brandon Winter.
"The client's goal was to refinance the existing construction loan without contributing any additional capital," Eisendrath noted. In addition to delivering an additional $2 million in proceeds compared to the competition, the CBRE correspondent life lender provided "a favorable rate with flexible prepayment options," he added.
The 7950 W. Sunset building is a five-story complex on Sunset Strip just east of Laurel Canyon and west of Fairfax Avenue. In addition to its 183 units, it includes a five-level subterranean parking garage and 13,000 square feet of retail space. Its common area amenities, include a pool deck, fitness center, and restaurants and retail tenants on the ground floor.
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