BWE said Wednesday it had secured a total of $220 million in loans for Opus, a newly constructed 428-unit luxury apartment property in the Koreatown neighborhood of Los Angeles. SVP Max Sauerman and VP Tyler Sebeck originated a $205,000,000 senior loan and a $15,000,000 mezzanine loan on behalf of an affiliate of Jamison Properties, LP, from New York Life Real Estate Investors.
The $205-million five-year senior loan included full-term interest-only, with the rate locked at application, The $15-million floating-rate mezz loan was co-terminus with the senior loan and was sized to just over break-even on current pay.
“Jamison developed a wonderful project and NYLREI, to their credit, was able to provide excellent loan terms on an asset that was not yet fully stabilized,” said Sauerman. “It was refreshing to have a lender that’s comfortable with good real estate, in the right location and at the right basis, despite choppy capital markets.”
Completed last June, Opus is now approximately 90% leased.
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