Avison Young arranges loan for newly renovated, historic high-rise apartment property in downtown LA’s historic core10 Aug 2021
Los Angeles, CA – Avison Young announced today it has arranged a loan to refinance 7th & Hill, a newly renovated iconic 16-story, 125-unit high-rise apartment tower with approximately 8,500 square feet of ground-level retail space. The property is located at 404 West 7th Street, at the prime intersection of 7th & Hill streets in the heart of the downtown Los Angeles historic core.
Avison Young Capital Markets Principals Jay Maddox and Peter Sherman who are based in Los Angeles arranged the financing on behalf of the ownership, Bonnis Properties. Loan proceeds will refinance maturing construction debt and fund lease-up of the currently vacant property to stabilization.
Built in the 1920s as the flagship store and headquarters offices for long defunct retailer Foreman & Clark, the building sat vacant for decades until it was acquired in 2017 by Vancouver-based Bonnis Properties, who painstakingly renovated the building, restoring its previous grandeur and converting it from office to multifamily use.
Maddox noted that, “This exciting project will be the first historic adaptive re-use building to come to market in more than ten years in downtown, offering tenants an appealing alternative to typical high-rises at a more affordable price point. 7th and Hill features a wide variety of uniquely configured, flexible unit floorplans with great views, abundant natural light, and state-of-the art amenities in a ‘jewel box’ building with true historic character.”
Kerry Bonnis, co-Principal of Bonnis Properties noted that, “The Avison Young team did a great job for us, successfully tapping their nationwide lender relationships to deliver an optimal result – particularly during this challenging pandemic period. This unique property is now poised for success as the downtown Los Angeles market begins to recover from the pandemic.”
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Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for ten consecutive years.
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For more information:
- Jay Maddox, Avison Young +1 424.257.6471
- Peter Sherman, Avison Young +1 424.257.6475