IRVINE, CA - Elite Business Service, LLC (EBSC Lending), along with its subsidiaries, is a prominent commercial real estate lender specializing in middle-market projects has provided a $31.1 million loan to finance the construction and stabilization of a seven-story, mixed-use development in Los Angeles' historic and highly sought-after Hollywood neighborhood. The project will feature micro-unit multifamily housing and retail spaces.
The loan was arranged by Leslie Augustin, Senior Vice President of Loan Processing & Servicing at EBSC Lending. The financing is for a New York-based, vertically integrated real estate development firm with a diverse portfolio and over 60 projects completed. The firm specializes in designing, developing, constructing, and managing a range of rental housing, including micro, traditional, and furnished units.
“We are excited to support this project in a submarket poised for long-term growth. The location, at the heart of Hollywood, positions the property for significant demand and success,” said Martin Alex, CEO and President of EBSC Lending.
The development will include 109 micro-units, organized into 35 pods, along with 100 parking spaces and nearly 1,000 square feet of retail space. Each unit will come fully furnished, making it easy for residents to move in quickly. The unit mix will feature two-, three-, four-, five-, and six-bedroom micro-suites, with an average size of around 1,150 square feet. Furnishings will include a murphy bed/sofa, table, wall-mounted TV, wardrobe, a wet or dry bar with a personal refrigerator, cabinetry (in addition to a shared kitchen), chairs, and soft goods. Amenities will include a two-level parking garage with an automated lift system, a community area, fitness room, common area courtyard, rooftop deck, spa, dog run, and bike storage.
The sponsor noted, “Working with the EBSC team was a pleasure. They share our vision for creating a multifamily property that is both aspirational and affordable, serving the evolving Hollywood submarket. EBSC provided us with a creative and flexible financing package, offering the freedom and flexibility we need to bring our business plan to life and meet the demands of urban renters.”
The property is strategically located near major employers, including media, tech, and entertainment companies. Hollywood is home to numerous media outlets such as television stations, radio stations, record companies, and post-production studios. Additionally, the neighborhood's central location makes it a hub for entertainment organizations throughout the Westside and San Fernando Valley. Hollywood is currently undergoing extensive redevelopment, with major expansions in housing, retail, hospitality, recreation, and transit, making it one of the largest urban infill redevelopment areas in the U.S.
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