ACRES Capital originated the financing for 1410 Highland, a six-story, mixed-use development planned for L.A.’s Hollywood neighborhood.
ELK Development has inked a $41 million construction loan for a Los Angeles multifamily micro-unit and retail project, Commercial Observer has learned. The transaction was arranged by Shahin Yazdi of George Smith Partners.
Mark Fogel CEO and President of ACRES Capital said, “Hollywood is globally recognized as the center of the entertainment industry, but historically has lacked quality multifamily housing and also with the thousands of class-A housing units and community-serving retail storefronts recently added to the neighborhood, the area is fast becoming a true live-work-play environment for its growing population of young professionals.
L.A based ELK Development is sponsoring the project in concurrence with Sixty West, a real estate investment firm with a diverse portfolio that includes more than 150 projects.
Located at 1410 N. Highland Avenue, the mixed-use development will contain 180 micro-units grouped into 49 pods, along with 96 parking spaces and nearly 800 square feet of retail space. The unit mix will include three-, four-, five- and six-bedroom micro-suite selections, with an average size of approximately 1,000 square feet. Amenities at the property will include a two-level parking garage with an automated lift system, community area, fitness room, common area courtyard, rooftop deck, spa, dog run, and bike storage.