Mesa West Capital has provided the partnership of Alliance Residential and PCCP with $43.5 million in short-term, first mortgage debt to refinance Broadstone Los Feliz, a 134-unit multifamily community in Los Angeles.
Built in 1986, the property is located at 1800 N. New Hampshire in Los Feliz, a popular hillside neighborhood in the greater Hollywood area. With its renowned cultural landmarks—such as Griffith Park, the Greek Theatre, and the Los Angeles Observatory— a vibrant retail infrastructure and its proximity to major studios and entertainment hubs in Hollywood and Burbank, Los Feliz draws from an eclectic community of affluent and creative individuals.
“The combination of a strong cultural scene, limited supply and the unique character of the neighborhood, Los Feliz continues to experience low vacancy and attractive rent growth,” said Mesa West Capital Head of Western Region Josh Westerberg, who led the origination team that included Vice President Hoony Shin.
Broadstone Los Feliz features a mix of studio, one- and two-bedroom apartment homes and an amenity package that includes a rooftop lounge and barbecue area with unobstructed views of the Griffith Observatory and Hollywood sign, indoor swimming pool and spa, fitness center, and EV charging stations.
Since acquiring the property in 2022, the Alliance-led joint venture has invested more than $1 million to upgrade the common areas and renovate the interiors of 33-units with hardwood flooring, quartz countertops, stainless steel appliances, and new woodgrain cabinets bringing the total of renovated homes to 67%. The sponsor plans to renovate the remaining 45 classic units within the next two years, which will help drive increased rental rates and allow the property to further compete with other higher quality assets in the market, according to Westerberg.
The five-year, floating rate loan was arranged by the CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly.
