$15,900,000 Adaptive Re-Use of the Maxfield Building to a 96 Unit Live-Work Apartment Complex

Transaction Description: Steve Bram, David Pascale and Ameet Chagan successfully arranged the $15,900,000 reposition loan for the adaptive re-use of the Los Angeles Maxfield Building to a 96 unit live-work apartment complex and three commercial units. Downtown Los Angeles’ Fashion District long established as the premier shopping destination for trend-setting designs, continues to evolve as a residential community for younger urbanites. Post renovation, residential units will be luxury loft style units with amenities to include a re-modeled lobby, fitness center, rooftop open space with Jacuzzi, bicycle parking, and balconies with patios for select units. Several 12th floor units will include a “pop-up” addition; creating two-level penthouses, each with a private patio or balcony. Floating over LIBOR at 2.15%, the interest only loan will advance 78% of the total capitalization. Personal recourse is limited to the top 50% of the loan.