Peak Raises $103 Million to Aid in NoHo Face Lift
Part of North Hollywood is getting a $125 million facelift. With the help of Peak Finance and the Peak Corporate Network, $103 million of that was raised to secure what will be known as the L+O Residences on the corner of Lankershim Boulevard and Ostego Street. The apartments will contain nearly 300 units and sport a contemporary west coast design. Underneath the Hollywood apartments will be a brand new 365 by Whole Foods Market for added luxury and convenience.
The joint venture was a group effort by several parties working collaboratively. A local broker Patrick Ayau with Lee & Associates West L.A. arranged the initial sale of older office buildings to East Coast developer, Camden Securities Company. The 38,500 square feet of residential space would then be cleared to make way for the eventual L+O Apartments. Finally, local contributor Canyon Partners kicked in an additional $32 million of preferred equity.
For all additional financing, Peak secured a construction loan from the Bank of the Ozarks in Arkansas. Orchestrating a financing bundle of this magnitude took Peak upwards of two years, however this is as good as any example of hard work paying off as the massive Hollywood apartment complex and market is expected to be finished by the end of 2018.
Original story published by the San Fernando Valley Business Journal.