LOS ANGELES- Pembrook Capital Management LLC has closed just over $5 million in mezzanine financing for Universal Lofts, a 67-unit luxury live/work complex within minutes of Universal Studios and other major entertainment employers here. The company joined with several senior lenders to create a capital package that will allow the Lofts' owners to turn about two-thirds of the units into condominiums.
Constructed in 2008 under the city of Los Angeles's Live/Work Ordinance, which encourages the blending of residential and commercial usage, Universal Lofts consists of nine four-story buildings containing a total of 112,465 square feet used to create 67 townhome-style units. Residences feature private balconies, high ceilings, varied floor plans, quality finishes and garages.
The buildings were originally intended to be a condominium-only project. But the crash of 2008 changed that plan, and the lofts were subsequently rented as apartments. The owners are now changing back to a slightly altered version of the original gameplan, offering condominiums to existing tenants in the building and prospective buyers and keeping about 24 units as apartments.
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