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News release

Los Amgeles

Refinancing Slated for Luxury Los Angeles Multifamily Asset

  JLL executes $15.5 million refinancing for White Magnolia Apartments


​Prime locations in the Los Angeles area continue to draw tenant demand and present opportunities to lenders. JLL's Capital Markets experts today announced the firm secured a $15.5 million refinancing loan for the White Magnolia Apartments located in Encino, California. Held Properties recently completed construction on the multifamily development.  

Managing Director Brian Halpern led the JLL team on the transaction.

"We marketed the construction take out loan opportunity and secured life company financing, which offered strong 10-year fixed pricing," said Halpern. "The life company's ability to lock in a rate of 3.65 percent before stabilization with five years of interest-only were key factors in bringing this loan to fruition." 

Joseph Held, COO for Held Properties, said, "White Magnolia Apartments is a boutique 50-unit luxury apartment building located just one block from famed shopping and dining on Ventura Boulevard. The project includes community amenities typically only seen in larger projects such as a barbecue area, a state-of-the-art fitness center, gas fire pit and an outdoor lounge area. All units include premium kitchens, washer and dryer units, patios or balconies and oversized bathtubs." 

 

"We are excited to see White Magnolia completed and to take advantage of the competitive debt market for long-term fixed-rate finance. Held Properties continues to seek development opportunities for luxury multi-family projects including smaller projects like White Magnolia with a long-term hold objective," said Robert Held, President & CEO, Held Properties.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

 

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About JLL

 

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​