Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $90,000,000 permanent placement loan for the financing of 1133 Hope, a luxury apartment complex located at 1133 S. Hope Street, Los Angeles, CA.
Stephen Perricone, senior vice president, and Thomas Mazlo, senior vice president, both in BWE’s Philadelphia, PA office, originated the loan on behalf of the borrower.
“Our team at BWE was excited to help the borrower secure financing for this truly impressive Downtown Los Angeles property,” said Perricone. “The amenities and location of this property provide an unparalleled experience for those who call 1133 Hope home.”
The 208-unit, 28-story property was completed in 2020 and is located in the heart of Downtown Los Angeles. The property offers a variety of floorplans, including studio, one-, two- and four-bedroom units. 1133 Hope is convenient to restaurants and entertainment, situated within two blocks of the L.A. Live entertainment complex, Crypto.com Arena, and the Los Angeles Convention Center.
Amenities include a fitness center, outdoor pool with cabanas, outdoor grilling facilities, clubhouse with downtown views and business center. Tenants also have access to a coffee bar, dog run, fitness classes and 24/7 concierge. Units are equipped with top-of-the-line, stainless steel appliances, as well as quartz countertops and soft-close kitchen drawers. Residents have access to on-site parking with proximity to the Harbor Freeway and Interstate 10, as well as nearby bus and light rail options.
The $90 million permanent placement loan with a top-tier insurance company represents a long-term financing solution, replacing a maturing construction loan.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.