EBSC Lending closed a $47.54 million permanent placement loan for the financing of a luxury apartment complex located in Los Angeles, CA. The $47.54 million permanent placement loan with a top-tier insurance company represents a long-term financing solution, replacing a maturing construction loan.

David Palmer, vice president, who boasts nearly two decades of experience in real estate investment, development and construction and Leslie Augustin, senior vice president, loan processing and servicing, originated the loan on behalf of the borrower.

The 203-unit, 22-story property was completed in 2022 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. Residents have access to on-site parking with proximity to Interstate 10, as well as nearby bus and light rail options. Other amenities include a fitness center, outdoor pool with cabanas, outdoor grilling facilities and a clubhouse. 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. From the ground floor’s elegant lobby to a relaxation deck with resort-style pool and sunbeds, the property offers an extraordinary lifestyle with 7,000 square feet of indoor and outdoor amenities, ensuring residents experience unparalleled comfort and convenience in every aspect of their daily lives.

“It's always a pleasure to work with EBSC Lending on this transaction,” stated the sponsor. “Securing a loan in today’s economic climate speaks to the confidence we have in their team and the excellence of this project. Our firm values building long-term partnerships, and we will work with them again in the future.”