The Bascom Group, LLC has completed an $8.5 million refinancing of The Charleston Apartments, a historic multifamily property in the Westlake neighborhood of Los Angeles. The community comprises 133 residential units and is positioned in an established urban district that serves as an important source of affordable housing.
Debt financing for the refinancing was arranged by Marcus & Millichap Capital Corporation. The advisory team of Michael Derk, Daizy Gomez, Linsey Farrahi and Zack Metzner structured the loan on behalf of Bascom, working to secure new capital for the property. The loan was provided by CalPrivate Bank, with the lender represented by Anthony Lopo, senior vice president and senior relationship manager.
The Charleston Apartments is located at 729 S Union Ave. on the edge of Downtown Los Angeles, connecting the Westlake neighborhood with the city's central business district. The property's location links it to both the historic residential fabric of Westlake and the employment and transit infrastructure of Downtown Los Angeles.
Originally built in 1924, The Charleston Apartments has more than a century of operating history. Over time, the asset has transitioned from a fashionable 1920s residence into a longstanding hub of affordable housing within the Westlake/MacArthur Park district. Its evolution reflects broader patterns in the urban core of Southern California, where early 20th-century residential buildings have adapted to shifting demographic and housing needs.
Property management at The Charleston Apartments is overseen by Ingenious Asset Group, Inc. The Los Angeles-based property management and real estate firm provides both commercial and residential management and brokerage services and is responsible for day-to-day operations at the community. Through this role, Ingenious Asset Group supports the continued functioning of the property as a historic but actively managed multifamily asset.
The refinancing underscores the ongoing role of relationship banking in providing debt capital for older, urban multifamily communities. With Marcus & Millichap Capital Corporation arranging the financing and CalPrivate Bank serving as the lender, the transaction highlights how specialized capital markets advisory and regional banking relationships can facilitate recapitalization of historic housing stock in dense Los Angeles neighborhoods.
