LOS ANGELES — Mesa West Capital has provided a $43.5 million refinancing loan to Alliance Residential and PCCP, joint venture owners of Broadstone Los Feliz in Los Angeles. The five-year, floating rate loan was arranged by the CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly. The property was 95 percent occupied at loan closing.
Developed in 1986, Broadstone Los Feliz features a mix of studio, one- and two-bedroom apartments and an amenity package that includes a rooftop lounge and barbecue area with views of the Griffith Observatory and Hollywood sign, an indoor pool and hot tub, a fitness center and electric vehicle charging stations.
Since acquiring the property in 2022, the joint venture has invested more than $1 million to upgrade the common areas and renovate the interiors of 33 units with hardwood flooring, quartz countertops, stainless steel appliances and new woodgrain cabinets. The sponsor plans to renovate the remaining 45 classic units within the next two years. Broadstone is Scottsdale, Arizona-based Alliance Residential’s core multifamily brand that was launched in 2001.