Northmarq SVP/Managing Director Zalmi Klyne finalized a construction loan of $14 million for 535 Glenrock Ave in Los Angeles, located just blocks away from the University of California, Los Angeles (UCLA) campus. Northmarq was able to arrange the financing through its relationship with a commercial bank despite market conditions that had many lenders no longer lending.
Klyne noted that “we took this deal out to market in the first quarter of 2023 when a lot of lenders were no longer lending. Despite the downtrend, we were able to find a lender who was comfortable with the borrower’s business plan and experience.” The 0.186-acre site is fully entitled for demolition and new construction – plans call for building an impressive six-story student housing property featuring 134 beds total.
