Northmarq completed the $23-million sale and arranged $12.53 million in acquisition financing for Terraces at La Cienega, a 48-unit multifamily community located in West Hollywood. The transaction was a joint effort among Northmarq’s Westlake Village, Los Angeles and Newport Beach offices.
Vince Norris, Jim Fisher, Mike Smith, Steven Goldstein and Tommy Yates represented both the seller, Hankey Capital, and buyer, Regent Properties, in partnership with Amoroso Companies and Arselle Investments.
“We are excited to have been selected by Hankey to introduce this opportunity to the market,” said Norris. “This location is arguably one of the finest in the city, offering various strategic options, including deed-restricted affordable housing. We presented Hankey with several offers, leading to a successful closing that satisfied both the buyer and seller.”
Scott Botsford, Joe Giordani and Brendan Golding secured the financing on behalf of Regent Properties through Northmarq’s in-house Fannie Mae DUS platform. The loan was structured with a five-year term.
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