California Landmark Group, a Los Angeles-based developer, has secured $25.4 million in takeout financing to retire the construction debt associated with The SW by CLG, an 88 unit apartment complex in West Los Angeles, Commercial Observer has learned.
State Farm Insurance provided the financing, a five-year fixed-rate loan with interest-only terms and flexible prepayment structures underwritten into the deal. Gantry’s Andy Bratt and Sean Kuang represented the sponsor.
“Sponsorship developed an exceptional property in the vibrant Japantown submarket in West LA, that blends into the community,” Bratt said in a statement. “Multifamily in tight markets, such as this, is highly desirable and a well performing asset class in today’s environment.”
Bratt praised State Farm Insurance and its relationship with Gantry as one of the keys to making the deal work.
“Our correspondent life insurance companies have substantial allocations and desire to deploy capital for high quality, performing multifamily properties in this space,” he said. “Sponsorship had a very specific approach to finding the right capital source for SW by CLG and recognized Gantry’s mortgage banking platform as a great way to access best-in-class life insurance companies.”
Located at 1947 Sawtelle Boulevard in West Los Angeles, The SW by CLG opened in 2019 and features 88 apartments spread over four floors. Ranging from studios to two-bedrooms, the units feature open concept layouts and 11 foot ceilings. The building itself includes a pool, a fitness center, a spa, electric vehicle charging stations, and a community courtyard.
Brian Pascus can be reached at bpascus@commercialobserver.com
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Channel, Construction, Finance, 1947 Sawtelle Boulevard, Andy Bratt, Sean Kuang, The SW by CLG, Los Angeles, LA Westside, West Hollywood, California Landmark Group, Gantry, State Farm Insurance Articles about Robert Khodadadian from Commercial Observer New York’s authority on commercial real estate leasing financing deals and culture.