Bolour Associates Funds $20M for 378 New Apartments in Greater Los Angeles

Bolour Associates, a Beverly Hills development and investment firm, has announced a $20 million debt financing for the redevelopment of three key properties in Greater Los Angeles. The borrower, Grubb Properties from North Carolina, aims to add a total of 378 new apartments across these sites.

Property Details

Property 1: Located at 700 Santa Monica Boulevard in Santa Monica, currently featuring 10,500 square feet of retail space, will be transformed into 99 new units.

Property 2: Situated at 1200 Vine Street in Hollywood, boasting 27,000 square feet of retail space, will undergo redevelopment into 151 units.

Property 3: Positioned at 5240 Lankershim Boulevard in North Hollywood, a 30,900-square-foot land parcel, is set to accommodate 128 apartments.

Financing Structure

Details of the financing terms were not immediately disclosed. Bolour Associates structured the debt solution to provide flexibility, enabling Grubb Properties to execute its business plan effectively.

Importance

Mark Bolour, CEO of Bolour Associates, emphasized the importance of the financing in addressing the shortage of apartments in the Los Angeles market. Grubb Properties stated it manages approximately $2.5 billion in various assets, including multifamily, office, retail, and life sciences properties.

The partnership between Bolour Associates and Grubb Properties aims to alleviate the housing shortage in Los Angeles by redeveloping prominent locations into much-needed apartment units.