ACRES Capital has originated, through the YazLee Group of George Smith Partners, a $41.1 million loan to fund the construction and stabilization of a six-story, micro-unit multifamily and retail project located at 1410 N. Highland Avenue in the desirable and historic Hollywood neighborhood of Los Angeles, California.
The loan is provided to sponsors ELK Development, a Los Angeles-based real estate development firm specializing in the design, development, construction, and operations of micro, traditional and furnished rental housing; and Sixty West, a real estate investment firm with a diverse portfolio that has undertaken more than 150 projects.
1410 Highland will feature:
• 180 micro-units grouped into 49 pods
• Two-level parking garage with automated lift system
• 800 square feet of retail space
• Community area, fitness room and spa
• Common area courtyard, rooftop deck, dog run and bike storage
1410 Highland resides within proximity to major employers in the area, which include a variety of media, tech, and entertainment-industry institutions. Hollywood is currently experiencing a wave of redevelopment featuring significant expansions in housing, retail, hospitality, recreation, and transit, and is one of the largest urban infill redevelopment zones in the U.S.