Bascom Refis Historic Apartments in LA’s Westlake District
The Bascom Group, LLC has completed an $8.5-million refinancing of The Charleston Apartments, a 133-unit historic multifamily community located in the Westlake neighborhood of Los Angeles.
Michael Derk, Daizy Gomez, Linsey Farrahi and Zack Metzner of Marcus & Millichap Capital Corporation arranged the debt financing on behalf of Bascom. The loan was provided by CalPrivate Bank, represented by SVP and senior relationship manager Anthony Lopo.
The Charleston Apartments, located at 729 S Union Ave.on the edge of Downtown Los Angeles, has a century-long history tied closely to the rapid modernization of Southern California. Built in 1924, the building has transitioned over the decades from a fashionable 1920s residence into a vital pocket of affordable housing in the Westlake/MacArthur Park district, Bascom said. Ingenious Asset Group, Inc., a Los Angeles property management & real estate firm that offers commercial and residential management & brokerage services, oversees property management at The Charleston.
If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout