Northmarq has successfully completed the $23 million sale and arranged $12.53 million in acquisition financing for the Terraces at La Cienega, a 48-unit multifamily community located in West Hollywood. The transaction was a collaborative effort among Northmarq’s offices in Westlake Village, Los Angeles, and Newport Beach.
The deal team included Vince Norris, Jim Fisher, Mike Smith, Steven Goldstein, and Tommy Yates, who represented both the seller—Hankey Capital—and the buyer—Regent Properties, in partnership with Amoroso Companies and Arselle Investments.
“We are excited to have been selected by Hankey to introduce this opportunity to the market,” said Vince Norris. “This location is arguably one of the finest in the city, offering various strategic options, including deed-restricted affordable housing. We presented Hankey with several offers, leading to a successful closing that satisfied both the buyer and seller.”
Financing for the acquisition was secured by Scott Botsford, Joe Giordani, and Brendan Golding through Northmarq’s in-house Fannie Mae DUS platform. The loan was structured with a five-year term.
