IPA Capital Markets Arranges $100 Million Financing for The Line LA
Los Angeles – March 16, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged $100 million in financing for The Line LA, a 384-key upscale boutique hotel located at 3515 Wilshire Boulevard in Los Angeles, CA. The financing was arranged by IPA’s Jordan Ray, Steven Buchwald, Jamie Matheny, and Lexington Henn.
“The property is strategically located in Koreatown right between Hollywood and Downtown LA. Locals and guests love the restaurants, bars, and active lobby scene. It’s a great midway point to meet in LA,” said Ray. “We created a market and structured a very attractive deal that met the client’s needs and vision for the asset.”
The loan was originated by Corten Real Estate Partners. “The Line LA represented a terrific opportunity for Corten to offer a tailored capital solution on a unique lifestyle hospitality asset in a high barrier-to-entry market that is beginning to recover from the pandemic,” said Brandon Flury, a Principal of Corten Real Estate. “We look forward to seeing the hotel restabilize and reaching its full potential under the Sponsor’s blue-chip stewardship.”
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI). IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition, and financing of institutional properties and portfolios. IPA’s capital markets specialists provide financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, and capital markets consulting/advisory services. For more information, please visit www.institutionalpropertyadvisors.com.
About Corten Real Estate Management, LLC
Corten is a real estate investment manager that targets middle-market common and preferred equity (direct and joint venture), subordinated debt and whole loan investments in hospitality, multifamily, and office properties located throughout the United States. Corten’s sector expertise and ability to invest up and down the capital stack allows it to provide tailored funding solutions to operating partners/sponsors. The Firm’s Partners together have over 100 years of experience with a demonstrated track record in acquisitions, development, construction, design and property, asset and fund management. Corten is headquartered in Wilmington, DE, with satellite offices in the Philadelphia, PA and Washington, DC metro areas. www.cortenrealestate.com