ACRES Funds $13.3M Loan for Los Angeles Multifamily Development
MARCH 30, 2021LOS ANGELES – (March 30, 2021) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $13.3 million loan to fund the construction of 636 North Juanita Avenue (the “Property”), a 33-unit, luxury multifamily development located in the Silver Lake area of Los Angeles, California. The loan is provided to sponsor Barth Partners, a locally based real estate development and investment company focused on transitional urban districts and a range of asset classes.
“The Silver Lake submarket, which has been described as the ‘Brooklyn of Los Angeles,’ continues to be a prime locale for a variety of L.A. residents,” said ACRES Chief Executive Officer and President Mark Fogel. “The Property’s accessibility to major travel arteries, convenience to popular restaurants and shopping and proximity to Hollywood and Downtown L.A. provide plenty of optionality for those looking to experience the best of the city. The sponsor’s expertise developing and asset-managing multifamily properties in Silver Lake and its surrounding areas is sure to contribute to the project’s success.”
636 North Juanita Avenue will include 29 market-rate and four (4) affordable housing units, as well as amenities such as a communal lounge space, gym, and panoramic views of neighboring Downtown Los Angeles and Hollywood. Sponsor Barth Partners has developed several successful projects in Silver Lake and the surrounding areas, and selected ACRES for its surety of execution, flexible financing package and confidence in the success of its business plan.
Justin Barth, Founder of Barth Partners, stated, “We are proud to partner with ACRES on this project, which we feel will accommodate the wide range of tenants seeking high-quality and affordable housing in the Silver Lake submarket. Our experience developing properties locally – in this submarket, as well as the surrounding areas of Los Angeles – dovetails perfectly with ACRES’ ability to offer reliable financing to help us realize our vision for the Property.”
636 North Juanita Avenue is located in Silver Lake’s Virgil Village neighborhood, which features exceptional walkability and is renowned for its trendy atmosphere, innovative cuisine and burgeoning independent arts scene. The location is bolstered by its vicinity to the growing entertainment, media and tech industries in Hollywood, which are major job centers for the city. With iconic companies such as Netflix, Viacom, Fender, Sunset Bronson Studios, Sunset Gower Studios and Paramount continuing to expand, the area is poised to continue its exponential growth.
The loan was arranged by Matt Collins of Jones Lang LaSalle Inc. (“JLL”).
