(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
LOS ANGELES-GlobeSt.com has exclusively learned that Meridian Capital Group LLC, a national commercial real estate finance and advisory firm, has negotiated $9.6 million in permanent financing for the Perino’s Luxury Apartments on Norton Ave., just north of Wilshire Blvd. in the Koreatown neighborhood here. The 10-year, non-recourse loan features a competitive fixed rate of 3.53%
Jonathan Wintner, VP at Meridian in the Los Angeles office, negotiated the transaction. “Meridian had two major accomplishments on behalf of the borrower in this transaction, both of which are attributable to the company’s strong market knowledge and its long-standing lender relationships,” said Wintner in a prepared statement. “Besides securing robust proceeds for the borrower of more than $200,000 of debt per unit, Meridian was able to attain pricing waivers and negotiate this highly favorable rate of 3.53% for a 10-year, fixed-rate, non-recourse loan.”
The four-story, luxury multifamily building, located at the former site of the famed Perino’s Restaurant, contains 47 apartments and one commercial. The restaurant had been a celebrity hot spot from the 1940s through the 1980s before it closed in 1985. The construction of the new building began in July 2005, and the developer, Carey & Kutay Development Group, preserved many of the restaurant’s hallmarks.
As GlobeSt.com previously reported, when the property was being developed in August 2005, Carey had noted that it was being designed to blend in with the surrounding neighborhood, which included the adjacent Los Altos Apartments, a neighborhood landmark, and would consist of a mix of one-, two- and three-bedroom units, with floor plans ranging from 650 square feet to 1,450 square feet, with parking on two subterranean levels. The complex was also designed to feature a community room and an exercise center, along with about 8,000 square feet of commercial and retail space.
Meridian declined to reveal the identity of the borrower to GlobeSt.com, but industry sources say Carey & Kutay sold the property in 2009 for $14.5 million to an undisclosed buyer.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
