Dunleer Announces $14.75M Refinancing of Four-Property Portfolio
LOS ANGELES, April 2, 2019 (Newswire.com) - Dunleer LLC., a Los Angeles-based private real estate investment and development firm, announced the refinancing of four (4) assets via Freddie Mac totaling $14,750,000. This four-building portfolio is located across prime Los Angeles’ premier submarkets: Silver Lake, USC and Koreatown.
BJ Turner, founder of Dunleer, said, “We have always viewed Los Angeles with its growing tech and media industries, high quality of life and strong population growth as a continued expansion market for our property portfolios. We view Silver Lake, Koreatown and the continued expansion of USC as some of the city’s preeminent multifamily locations. This portfolio refinance allows us to be long-term owners in key Los Angeles submarkets and to provide a compelling and engaging apartment offering to our valued tenants.”
"The portfolio refinance brought closure to our stabilized business plan. We had the opportunity to create substantial value through Dunleer’s tailored repositioning and leasing strategy. These improvements will help to sustain the property over the long term and offer a higher-quality living experience for tenants. We are thrilled to once again partner with Freddie Mac on financing as we launch this exciting next phase of our company’s growth in these fantastic submarkets.”
Dunleer views the properties as opportunities to potentially offer tenants a curated, boutique Los Angeles living experience in some of the most coveted submarkets in the region. Furthermore, there is a limited pipeline of competing multifamily properties and a high barrier to entry for new multifamily development. Newly planned and proposed developments are experiencing cumbersome government approval processes, lack of developable land and increased construction costs, which all culminate in new development projects.
Long-term Los Angeles ownership is of heightened importance given the major infrastructure projects in the pipeline such as the extension of the Metro lines, expansion of the convention center, continued Port investment and preparation for the Super Bowl, FIFA World Cup and 2028 Summer Olympics.
ABOUT DUNLEER LLC
Dunleer LLC is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.
This press release does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. This press release, together with other statements and information publicly disseminated by the Company, may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements.
Source: Dunleer LLC
Categories: Real Estate