Mesa West Capital Provides Funding for Los Feliz Apartments

Los Angeles-based Mesa West Capital provided a joint venture of Alliance Residential and PCCP with a $43.5-million loan to refinance Broadstone Los Feliz, a 134-unit apartment community in Los Feliz.

“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 Josh Westerberg, Mesa West Capital head of the Western region, who led the origination team that included Hoony Shin.

The property 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 remaining units will be renovated within the next two years. The property was 95% occupied at loan closing.

The five-year, floating-rate loan was arranged by the CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly.

Information for this article was sourced from Mesa West Capital.