The $8,000,000 acquisition of a 14,370 sf land parcel located at the northeast corner of Devon Ave. and Wilshire Blvd., one block east of Beverly Glen on the Westwood Corridor. The business plan is to re-entitle the property from a 19-unit residential project into a 31-unit project.
NEC of Devon Ave and Wilshire Blvd, West Los Angeles, CA
The financing consisted of a $4,000,000 joint venture equity investment made by a private investment management firm on behalf of several high net worth clients and a $4,250,000 land loan provided by a family office real estate fund. The equity investment represented approximately 100% of the required equity. This was the 2nd equity investment between the equity partner and West Los Angeles based sponsor.