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STUDIO CITY, CA-NK Studio City LLC of Beverly Hills plans to begin construction immediately on a 125-unit project called Grand Vista Apartments with a $21 million construction loan arranged by Los Angeles-based Lucent Capital. Lucent managing director Farzin Emrani says that, although construction financing in this capital constrained market is challenging, “With a high- barrier-to-entry location, strong market fundamentals and qualified sponsors, we were able to negotiate favorable terms for our client.”

The construction loan, which represents 72% of the total development cost, carries an interest rate of Libor plus 2.75% with no floor, so the current interest rate is approximately 3. The loan was provided by Bank of the West.

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