Greysteel, a national commercial real estate investment and finance services firm, has arranged the acquisition and renovation financing of a 16-unit multifamily property on Madison Avenue in the 90028 zip code of Los Angeles, California.

Greysteel Director, Mark Pettibone from the firm’s Los Angeles, California office secured the Bridge loan on behalf of the borrower, a local Los Angeles area developer who plans to perform a comprehensive rehab of the units and exterior of the Property, as well as a seismic retrofit.

The asset is well located in East Hollywood, just blocks from Children’s Hospital and the Kaiser Hospital Complex, and Los Angeles City College. There is a brand new family oriented park 100 feet to the north of the subject, in a neighborhood of tree lined streets, that is surrounded by buildings of similar size and construction, with a significant renovation trend that makes this an area of continuous quality enhancement. It is just north of iconic Santa Monica Boulevard and enjoys excellent walkability and bikeability, with good public transportation options nearby. Apartments dominate the surrounding area and it has great appeal to the healthcare workforce, studio workers, and students of LACC. It is a short walk/drive away from Silver Lake, Echo Park, World Famous Hollywood Walk of Fame, Paramount Pictures, Melrose, Larchmont, Downtown LA, Koreatown, and the Hollywood Bowl.

Mark Pettibone of Greysteel states, “We were able to secure an extremely low rate for three-year bridge financing with a local downtown Los Angeles bank that is part of a global banking system who is currently very aggressive in this space.”

About Greysteel:

Greysteel is a leading commercial real estate and capital markets services firm. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle market real estate assets. Our platform optimizes options for our clients by providing end-to-end investment services, from sales and financing to research and investment planning. Strategically located across offices nationwide, Greysteel has established broad market coverage from coast-to-coast. www.greysteel.com