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Calmwater Capital Originates $6.17 Million for Historic Hollywood Multifamily Property
Borrower acquired the Jardinette Apartments, architect Richard Neutra's first U.S. commission, for renovation and lease-up
The credit facility provided by Calmwater comprises $4.33 million in initial funding as a senior secured term loan and $1.84 million as a delayed draw term loan to finance capital expenditures and interest holdback.
"Given this project is a rehab in a strong area which is experiencing significant growth, it provides a rare value-add opportunity,"
The four-story Jardinette Apartments, located at 5128 W. Marathon Ave. in Los Angeles, is centrally situated at the intersection of Hollywood, Koreatown, Silver Lake and Hancock Park. Regarded as one of the first modernist buildings in America, the structure was listed in the National Register of Historic Places in 1986 and designated a Historic-Cultural Landmark by the City of Los Angeles in 1988. With only three of the building's 43 units currently leased, the borrower plans to refurbish the apartments, while maintaining the structure's historic and architectural integrity, in order to lease the property up and bring rents to market.
Clippinger Investment Properties, a real estate investment and management firm, has a strong track record of acquiring and renovating value-add properties and successfully bringing them to stabilization. The sponsor forms groups of investors for real estate investments and has renovated and/or restored over 40 commercial and residential properties across California.
Calmwater Capital has originated more than $1.5 billion in senior and mezzanine loans for office, industrial, retail, multifamily and hospitality projects in addition to land sites since 2015. Primarily backed by Karlin Asset Management, a $1.7 billion family office, the company has secured credit lines from two global banks and an equity investment from two top 20 university endowments.
About Calmwater Capital:
Calmwater Capital is your proven capital source, providing certainty of execution, flexibility and speed to borrowers nationwide. Calmwater provides $5 to $50 million senior and mezzanine bridge loans to investors acquiring and refinancing office, industrial, retail, multi-family, hospitality and land across the U.S. Calmwater currently manages nearly $1 billion of discretionary balance sheet capital from two top 20 university endowments, Karlin Asset Management and secured credit lines from two global banks. Formerly known as Karlin Real Estate Lending, Calmwater was founded in 2015 with a new name that reflects its increasingly diverse sources of capital. For more information, please visit www.calmwatercapital.com.
About Clippinger Investment Properties:
Clippinger Investment Properties, Inc., is a Laguna Niguel, California-based real estate investor and developer, focusing on acquisition and development of multifamily, office, medical office, mixed-use, retail, industrial and warehouse properties in California. The company was established in 1994 and has been owned and operated by Robert Clippinger. To date, Clippinger Investment Properties, Inc has been involved in over 80 investment deals. Clippinger Investment Properties, Inc. currently manages over $130 million worth of assets. For more information, please visit: www.cip-inc.com
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