Northmarq SVP/Managing Director Zalmi Klyne finalized construction financing of $14 million for 535 Glenrock Ave in Los Angeles, a few blocks away from the University of California, Los Angeles (UCLA) campus. Northmarq arranged the loan through its relationship with a commercial bank despite market conditions that were not favorable to lending.
Klyne noted “We took this deal out to market in the first quarter of 2023 when many lenders were no longer lending. Despite this downtrend, we found a lender who was comfortable with the borrower’s business plan and experience.”
The 0.186-acre site will be redeveloped into a six-story student housing property containing 134 beds upon completion of demolition on existing structures according to fully entitled plans for development.
