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1410 Highland

Los Angeles, CA

Multifamily - Construction

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1410 Highland

MULTIFAMILY - CONSTRUCTION

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.

$41.1 million

Loan Amount

Construction Loan

Loan Product

“The ACRES team and broker George Smith Partners both share our vision to serve the transforming Hollywood submarket with a multifamily property in 1410 Highland that is both aspirational and affordable. ACRES’ financing will allow us to see our business plan through to completion, providing unprecedented freedom and flexibility for urban renters.”

- Evan Kasper, Founder and CEO of ELK Development

“Working with ACRES and ELK Development on 1410 Highland was a productive partnership that recognized the opportunity to provide affordable multifamily housing with efficient, yet high-end design and amenities. We look forward to future opportunities to work with this team again.”

- Shahin Yazdi, Principal/Managing Director, George Smith Partners

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