Laguna Point Properties secures $328m in financing for L.A. multi-housing portfolio

JLL’s Capital Markets has arranged $328.8 million in acquisition financing for a five-property, 1,037-unit multi-housing portfolio located in downtown Los Angeles.

JLL represented the borrower, Laguna Point Properties, and secured the three-year, floating-rate acquisition loan with two 12-month extension options through MF1 Capital, LLC.

The portfolio includes four historic pre-war buildings and a 1959-vintage building converted from an office asset. The portfolio properties are the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all of which underwent their conversions between 2007 and 2010.

“This transaction provides Laguna Point with an opportunistic scenario through which the company can re-enter the Los Angeles market,” said Garrett LaBar, Laguna Point Properties director of acquisitions and dispositions. “Laguna Point believes that the timing could not be better, given the recent gains in occupancy and rent