Watt Capital Developers Secures $28.9 Million Refinance Loan For 102-Unit Asset In Los Angeles

The transaction involves a 102-unit affordable housing community located at 1115 West 37th Place in Los Angeles, CA. A total loan amount of $28,900,000 was arranged to refinance the property. The asset type is classified as MultiFamily. The refinancing will fund approximately $30,000 per unit in capital improvements while ensuring long-term affordability, coinciding with a 20-year renewal of the property's Project-Based Section 8 contract.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $28,900,000
• Units: 102
• Landlord: Watt Capital Developers
• Brokers: Jeff Kearns & Laura Woltanski - Walker & Dunlop
• Loan Type: Refinance
• Market: Los Angeles, CA

Jeff Kearns and Laura Woltanski, representing Walker & Dunlop, played a key role in arranging the HUD/FHA Section 223(f) loan for this refinancing deal on behalf of Watt Capital Developers. Their involvement not only included securing the refinancing but also ensuring the alignment of the loan with the preservation of long-term affordability for the residents of the community.