(To read more on the multifamily market and the debt and equity markets, click here.)

LOS ANGELES-Frost/Chaddock Developers of Sherman Oaks will create an infill project of 93 apartment units built over 15,600 sf of ground floor retail space at 801 N. Fairfax Ave. with a $28.4 million construction loan that was arranged by George Smith Partners of Century City. The new project will take the place of a single-story retail building, an auto body shop and residential units that formerly occupied the site and have been razed.

Larry Wilemon, senior vice president at George Smith Partners who arranged the financing, says the developer is targeting “the growing demand for both multifamily and retail product in the Los Angeles market.” Wilemon notes that the construction site is a prime location in Hollywood, which has emerged in recent years as a popular residential and retail neighborhood.

According to James Frost, principal of Frost/Chaddock, the project “will represent one of the first zone changes to RAS-4,” which is the new mixed-use zoning classification for Los Angeles. The project designer is the John Reed Architectural Group of Santa Monica.

According to Wilemon, a portion of the loan will be used to remediate contaminated soil beneath the site. As a result, the loan was structured in two phases to finance the pre-development environmental remediation and the construction process.

Wilemon was assisted by Lee Norman and David Bierman, principal and assistant vice president respectively, with George Smith Partners. The three-year, limited-recourse construction loan will cover 87% of the total project cost.

Frost/Chaddock has started construction of the development, which will include multiple levels of subterranean parking and is expected to be completed in about 24 months. The apartments will be one-bedroom, one-bath units ranging from approximately 637 sf to 722 sf and two-bedroom, two-bath units that will range from 918 sf to 1,139 sf.

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