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LA Apartments Receive $18.9 Mil in Loans

LOS ANGELES-Two Los Angeles apartment complexes have received a combined $18.9 million in mortgage financing. Both complexes are 100% leased.

By Erin Cassin | Updated on March 30, 2001

LOS ANGELES-Two multifamily properties in Los Angeles have received a combined $18.9 million in mortgage financing from PW Funding Inc.

The larger of the two loans went to Renaissance Apartments, a 168-unit complex that consists of studios, one-bedroom and two-bedroom apartments. The $14.4-million loan has a 6.61% interest rate. The debt service coverage on the loan is 1.49x, and the loan to value is 64%.

The Renaissance Apartments complex is located at 630 South Masselin Ave. in Los Angeles. The property was 100% occupied at closing. Built in 1991, it features a swimming pool, fitness center and laundry facilities.

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