Bolour Associates Inc. announced that it has provided over $20 million in debt financing for the redevelopment of three Southern California retail projects with North Carolina-based Grubb Properties.
BOLOUR is a privately owned real estate finance, development and investment company based in Beverly Hills, California. Grubb Properties, with approximately $2.5 billion in multifamily, office and retail real estate assets under management, has been developing and operating moderate-priced rental housing since 1963.
The three-deal transaction includes:
· 700 Santa Monica Boulevard, a 10,500-square-foot retail property slated for redevelopment into 99 apartment units located minutes from the Santa Monica State Beach and Pier.
· 1200 Vine Street, a 27,000-square-foot retail property in the heart of Hollywood that will be redeveloped into 151 apartment units.
· 5240 Lankershim Boulevard, a 30,900-square-foot land parcel in North Hollywood with plans for redevelopment into 128 apartment units.
“BOLOUR was able to draw on the expertise of our in-house development and investment teams to carefully evaluate Grubb Properties’ strategies for these sites, including both maintaining the current retail properties on an interim basis and later redeveloping them as multifamily housing,” said BOLOUR CEO Mark Bolour. “The debt solution we structured provides flexibility to support Grubb’s business plan that will bring hundreds of much-needed new apartments to the supply constrained Los Angeles market.”
BOLOUR is an integrated real estate finance, investment and development firm that invests in value-add assets in emerging and transit-oriented neighborhoods. Property types include urban infill land, retail, industrial, multifamily and mixed-use. As a lender, BOLOUR provides borrowers with individually designed debt solutions that often feature creative loan structures and quick closings. The company is currently active in 17 states and the District of Columbia.
