Developers Angelo Gordon and Townscape Partners have received a $ 231 million loan to build their ultra-luxury condominium in West Hollywood, whose first apartments are expected to open in August.
Deutsche Bank and Starwood Property Trust have provided development debt at 8899 Beverly Boulevard, according to the Commercial Observer. Deutsche provided the main mortgage and Starwood the mezzanine, according to the report.
The project will have 40 apartments and eight separate townhouses, the last of which is due to open in December. The developers said they plan to sell the most expensive block at a higher price $ 100 million – which is almost three times the price paid for any apartment in Los Angeles County.
The complex includes 22,400 square feet of retail space, an outdoor pool, private garages and a dog park.
For the construction of the 10-story complex, Angelo Gordon and Townscape received in 2017 construction funding in the amount of $ 122.5 million from Bank OZK, records show.
The new loan allows developers to pay off that debt and gives them respite to sell units over time.
All over the county last month, for 240 apartments were listed in the range of $ 1 million and up. Super-expensive apartment sellers like Evan Metropoulos. 7,000 square feet West Hollywood site, struggled to find buyers.
[CO]- Isabella Farr