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1317 South Grand Avenue
FINANCED

Housing Diversity Corporation Secures $34.2M Refinance Loan For Vida DTLA

1317 South Grand Avenue

MultiFamily
67,456 SF
clock iconFinanced 122 days ago
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Summary

Loan
CALIFORNIA
MultiFamily
67,456 sqft

The multifamily property located at 1317 South Grand Avenue in Los Angeles, consisting of 147 units and spanning across 67,456 square feet, recently underwent a refinancing process. The loan amount secured for this transaction was $34,200,000, with the financing provided by Elise Buik from the United Way of Greater L.A. and Pinnacle Partners. The landlords involved in this deal are Brad Padden from Housing Diversity Corporation (HDC) and Peter A. Nitze from Nitze-Stagen.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $34,200,000
  • Units: 147
  • Square Footage: 67,456
  • Address: 1317 South Grand Avenue
  • Market: Los Angeles
  • Lender: Elise Buik - United Way of Greater L.A; Pinnacle Partners
  • Landlord: Brad Padden - Housing Diversity Corporation (HDC); Peter A. Nitze - Nitze-Stagen

The $34.2 million loan package for the Vida DTLA development in Downtown Los Angeles was secured by the Housing Diversity Corporation (HDC) through funding from the United Way of Greater L.A. and additional equity raised via Pinnacle Partners for sponsor OZ Navigator. The project, slated to open on March 28, will feature micro-units ranging from 300 to 400 square feet, offering various affordability levels including federal housing choice vouchers and units designated for extremely low-income residents through the city’s Transit Oriented Communities program.

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United Way of Greater L.A's profile picture
United Way of Greater L.A
United Way of Greater L.A

Details

Deal Summary
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FINANCED
IMAGE: Brad Padden, Peter A. Nitze & Elise Buik DATE: 03/20/2024 ADDRESS: 1317 South Grand Avenue MARKET: Los Angeles ASSET TYPE: Multifamily ~ UNITS: 147 ~ SF: 67,456 LENDER: Elise Buik - United Way of Greater L.A (@LAUnitedWay); Pinnacle Partners LANDLORD: Brad Padden - Housing Diversity Corporation (HDC); Peter A. Nitze - Nitze-Stagen (@Nitze_Stagen) LOAN AMOUNT: $34,200,000 LOAN TYPE: Refinance NOTE: Housing Diversity Corporation (HDC) secured a $34.2 million loan package for its 147-unit Vida DTLA development in Downtown Los Angeles, with funds from the United Way of Greater L.A. and additional equity raised through Pinnacle Partners for sponsor OZ Navigator. The project, set to open on March 28, offers micro-units averaging between 300 and 400 square feet, with various affordability levels including federal housing choice vouchers and units designated for extremely low-income residents through the city’s Transit Oriented Communities program.

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Address1317 South Grand Avenue

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