A joint venture between MWest Holdings and BentallGreenOak has received $47.5 million for the refinancing of The View, a 168-unit luxury community in Los Angeles. CIM Real Estate Debt Solutions arranged the loan on behalf of a CIM-managed fund.
The partnership acquired the property for $73.3 million in 2018, Yardi Matrix data shows, financing the purchase with a $46.6 million loan from Principal Financial Group. The note was due to mature in January 2024.
A Koreatown community
The 13-story building came online in 1965 as a hotel. In 2013, CIM Group acquired the property that had been converted to multifamily use through the implementation of a $25.5 million capex plan.
The community encompasses studio, one- and two-bedroom floorplans ranging between 518 and 1,357 square feet, together with 3,000 square feet of retail on the first floor. Apartments feature modern kitchens with granite countertops and stainless appliances, in-unit washers and dryers, along with private balconies or patios in select units.
Common-area amenities include a fitness center, community room, yoga studio, library, screening room, outdoor lounge and swimming pool with sundeck, daybeds and private cabanas. In addition, there are EV charging stations and more than 200 parking spaces.
The 0.9-acre property is at 3460 W. Seventh St. in the Koreatown district. Koreatown Plaza, Rodeo Galleria Shopping Center and Western Plaza are 1 mile away, while Wilshire/Normandie metro station is within walking distance. Hollywood is 3.9 miles northwest, while downtown Los Angeles is some 4 miles southeast.
The location is also 3 miles from a 438-unit luxury development approaching completion. First move-ins are expected in early 2024.
