1133 Hope downtown.

A luxury downtown apartment complex near LA Live has received a $90 million permanent investment loan. The loan replaces a maturing construction loan to finance a 208-unit property at 1133 S. Hope St. known as 1133 Hope.

It was provided by an insurance company and arranged by Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment Inc.

The property, which measures 28 stories, was built in 2020. It includes studios, one-, two-, and four-bedroom units. Its amenities include a fitness center, outdoor pool with cabanas, outdoor grilling facilities, clubhouse, and business center.

Stephen Perricone and Thomas Mazlo of Bellwether are behind the loan.
“Our team at BWE was thrilled to help the borrower secure financing for this truly impressive downtown Los Angeles property,” Perricone said in a statement. “The amenities and location of this property provide an unparalleled experience for those who call 1133 Hope home.”

This isn’t the only big loan recently announced for downtown. Earlier this year, it was announced that the One Wilshire data center had received a $389.25 million refinance loan. It is considered a data center hub for the west coast due to its extensive fiber optic network.

San Francisco-based GI Partners received the 10-year, fixed-rate, non-recourse, term, interest-only loan from Goldman Sachs Group Inc. for the property at 624 S. Grand Ave. The loan is being used to repay GI Partners’ current loan on the 661,553 square foot One Wilshire and return some equity.

Last year, a historic downtown building known as the May Company Garage Building received a $10.7 million loan to refinance it. It is owned by Beverly Hills-based Markwood Enterprises and is located at 900 S. Hill St. The property, which dates back to the 1920s, is six stories high with 422 parking spaces and retail on the ground floor .

Also downtown, a $10 million loan was made for a 68,000 square foot parking lot adjacent to the Staples Center. The lot has 175 parking spaces and was acquired by Criscione-Meyer Entitlement in September.

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