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$13.2M Loan Secured for Brentwood Project

LOS ANGELES-A New Zealand multifamily property developer has obtained construction financing for a 39-unit condominium project under way in the Brentwood section of Los Angeles.

By Peter Landau | Updated on April 11, 2002

LOS ANGELES-A New Zealand multifamily property developer has obtained $13.2 million in construction financing for The Gardens at Darlington, a 39-unit condominium project under way in the Brentwood section of Los Angeles.

The $13.2 million financing is an adjustable-rate, 15-month (plus extensions totaling an additional 15 months) financing on behalf of New Zealand-based Pacific Northstar Property Group, through Builders Bank. Jerry Wise of Holliday Fenoglio Fowler arranged the financing.

Located at the northwest corner of South Westgate and Darlington avenues in the Brentwood area, The Gardens at Darlington will feature four-story over subterranean parking, with unit sizes averaging 1,800 sf. Sale prices will average more than $650,000. The developer anticipates building additional multifamily projects in California, particularly in the southern portion of the state.

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