Los Angeles, CA, March 27, 2023 /Realty Wire/ George Smith Partners, a leading commercial real estate capital markets advisor, today announced the closing of $37.7 million in bridge financing for the refinance of a 78-unit multifamily property located in the Hancock Park neighborhood of Los Angeles.
“We are thrilled to have successfully arranged this financing on behalf of ESI Ventures and to help reposition 410 Rossmore as one of Hancock Park’s premier apartment communities. Despite the challenging market dynamics, we secured a highly competitive bridge facility that enables ESI to execute their business plan and revitalize this generational asset,” said Brandon Asherian, Director at George Smith Partners, who arranged the financing.
MF1 Capital, a partnership between Berkshire Residential Investments and Limekiln Real Estate, provided the financing for the transaction. The terms of the loan and other details of the transaction were not disclosed.
The property is well positioned with its renovation strategy and prime location – located right across the street from the Wilshire Country Club and next door to the iconic El Royale Apartments.
“We are excited to move forward with our value-add strategy, supported by the financing arranged by Brandon and GSP. Our goal is to modernize 410 Rossmore while preserving its charm, in one of the most walkable and desirable neighborhoods of Los Angeles,” said Brandon Wolsic, Executive Vice President at ESI Ventures.
The property is located at 410 North Rossmore in the heart of Hancock Park, near the Larchmont Village shopping and dining district. The unit mix includes studios, one-bedroom, and two-bedroom units, with ample parking.
George Smith Partners is proud to arrange financing for real estate professionals such as ESI Ventures and capital partners like MF1 Capital, while also contributing to the redevelopment of housing in Los Angeles.
About George Smith Partners (GSP), an AXCS Company
George Smith Partners is a leading national provider of capital market services to the commercial real estate industry. Today’s sponsors leverage GSP’s innovative structuring expertise, vast lender relationships, and everyday market experience to garner customized financing for properties ranging from $3M to $350M. GSP arranges financing solutions on all real estate asset types nationwide with deep expertise in debt, preferred equity, and institutional joint venture equity. Founded in 1979, GSP has arranged over $75B in financing for multifamily and other commercial properties.
George Smith Partners