LOS ANGELES, CALIFORNIA – Zalmi Klyne, senior vice president of Northmarq’s Los Angeles-based regional office, recently completed nearly $50 million in financing for Golden Bee Properties’ recapitalizing of seven multifamily properties in Los Angeles and purchase financing for a two-property portfolio in Long Beach.
“Our purchase of the Ackerfield assets and recapitalization of our South LA portfolio could not have been accomplished without the diligence of Zalmi, Stan and the NorthMarq team. They are a key ingredient to our success and aid in every aspect of the financing of our assets from the initial underwriting to the final closing,” said David Berneman, CEO of Golden Bee Properties.
Southfield East & West: Northmarq finalized acquisition financing of $30,225,690 for Southfield East & West. The 143-unit multifamily property (originally built in 1973) is located at 5565 & 5700 South Ackerfield Avenue in Long Beach, California. The transaction was structured with a 2-year bridge loan with three 1-year extensions through Northmarq’s relationship with a debt fund.
“The lender understood Golden Bee’s acquisition/rehab plans and understood ADUs,” said Klyne. “They stuck with the borrower through many deal changes and ended up receiving the best terms available.”
South Los Angeles Portfolio: Northmarq secured financing of a combined $18,968,000 for seven multifamily properties consisting of 108 total units. Northmarq arranged the permanent-fixed loans for the long-term borrower client, Golden Bee Properties, through its relationship with a regional bank. The permanent-fixed loans were structured with 3-year interest-only terms (with a flexible prepayment penalty structure) and were provided as a broader recapitalization of the properties.
“Golden Bee has already finished the majority of the rehab / renovation of the properties, the recapitalization and cash-out of these deals will allow them to maximize value and take these assets to the next level,” said Klyne.
About Golden Bee Properties
Founded in 2011, Golden Bee Properties is a full-service real estate asset management firm that invests in workforce housing across Southern California and Southern Nevada. The firm invests in areas with strong job growth and specializes in working with housing assistance providers to meet the needs of today’s urban workforce. With approximately $200 million of real estate currently under management along with the experience of another $125 million in assets that have gone full cycle, Golden Bee Properties has the breadth of experience required to work with global investors in placing their capital in some of the United States’ most dynamic metropolitan areas.
As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $33 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.
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