NORTH HOLLYWOOD, Calif., June 27, 2017 (GLOBE NEWSWIRE) -- Peak Finance diligently worked with Camden Securities Company and Hayes Capital Management as their mortgage banker to structure and secure the financing package for a mixed use development. The structure will feature 297 unit Class A multifamily residences rising above a 26,300-square foot Whole Foods Market 365 on the ground floor. The L + O Residences, as the project will be known, will rise 7 stories on the corner of Lankershim Blvd. and Otsego and bounded in part by Klump Avenue in the vibrant NoHo Arts district. Peak Finance sourced a combination of senior construction financing and a preferred equity investment in obtaining proceeds of $102,500,000 for the construction phase of the project.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/165c4e77-7086-4813-942b-760df417e31a
“We are thrilled to have had the opportunity to provide cost effective and creative financing for the L + O Residences,” said Michael Katz, Senior Managing Director of Peak Finance. Adam Heine, President and CEO of Camden Securities Company, states, " We are excited to be breaking ground on our mixed-use project in the heart of the growing North Hollywood Arts District. Our retail, first class residences and amenities are highly anticipated to become a welcome addition and a focal point in the neighborhood."
The class A project will feature “best in class amenities” including a pool and club house on the rooftop providing for unobstructed skyline views, state-of-the-art gym and yoga facility, a dog run with a dog washing room, bicycle repair shop including space for 300 bicycles and the convenience of a Whole Foods 365 on the ground floor. The Red Line Subway is a short two and a half block walk, adding to the project’s high walkability score. SL Residential Construction is the general contractor for the project.
The L + O Residences are being developed by White Plains, NY based Camden Securities Company and local Los Angeles partners Donald V. Hayes of Hayes Capital Management and Patrick Ayau. Camden Securities Company’s (www.camdensec.com) is third generation family-run real estate investment business with ownership of residential and commercial properties throughout the United States.
About Peak Finance
Peak Finance is a full-service mortgage banking firm providing real estate debt and equity solutions nationwide. Peak Finance is part of the Peak Corporate Network and is headquartered in Woodland Hills, California. For more information, please visit www.peakfinance.com.
The Peak Corporate Network is a brand that represents a group of related, separate legal entities, each providing its unique set of real estate services.