LOS ANGELES, CA – August 1, 2018 – HFF announces $35 million in financing for EastView Apartments, a newly completed, 121-unit, Class A apartment property adjacent to Downtown Los Angeles, California.

The HFF team worked on behalf of the borrower, Lion Real Estate Group, to secure the 12-year fixed-rate loan with an insurance company. The loan, which funded immediately upon receipt of the temporary certificate of occupancy (TCO), includes five years of interest only payments and multiple future funding mechanisms.  The rate was locked for three months prior to funding with a spread in the low 100’s.

EastView Apartments is located at 327 N. Boylston Street just outside DTLA, Silverlake and Echo Park.  The property comprises a mix of contemporary studio, one- and two-bedroom units ranging from 555 to 1,267 square feet.  EastView Apartments offers residents unobstructed views of the city skyline; a fifth-floor sky deck with firepit, grills and dining tables; co-working lounge with refreshment bar and large-screen TV; swimming pool with hot tub and lounge; state-of-the-art fitness center; secured parking; bike share program; and electric car charging stations. The property is currently leasing up quickly due to the location, quality of construction and high-end amenities being offered at a significant discount to other recently constructed buildings in downtown.

The HFF debt placement team representing the borrower included managing director Marc Schillinger and associate Peter Berges.

“We identified that competitive construction take-out financing was available before the property was stabilized due to the quality of the asset and the strength of the sponsorship,” Schillinger said.  “Lion locked in the rate before the project was completed and the loan funded immediately at TCO.  This allowed Lion to pay off the construction loan and mitigate interest rate fluctuation while they were leasing up the property.”