SW by CLG
Los Angeles, CA
February 8, 2024
SW by CLG offers 88 Class A Units with five street front retail tenants on Sawtelle Blvd. in West LA’s coveted Japantown.
Los Angeles, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $25.4 million permanent loan to retire construction financing for the recently completed SW by CLG in Los Angeles. Located at 1947 Sawtelle Blvd in West LA’s Japantown neighborhood, the four-story, Class A apartment building features 88-units offering two-bedroom, one-bedroom, and studio floorplans. SW also features highly desirable street front retail space occupied by five unique restaurant concepts.
Gantry’s Andy Bratt, Principal, and Sean Kuang, Associate, with the firm’s Irvine production office represented the borrower, one of Southern California’s premier real estate developers. The five-year loan was secured from one of Gantry’s correspondent life insurance companies and features a fixed rate with interest-only terms and flexible pre-payment penalty.
According to Gantry’s Andy Bratt, “Sponsorship developed an exceptional property in the vibrant Japantown submarket in West LA, that blends into the community. Multifamily in tight markets, such as this, is highly desirable and a well performing asset class in today’s environment. Our correspondent life insurance companies have substantial allocations and desire to deploy capital for high quality, performing multifamily properties in this space. Sponsorship had a very specific approach to finding the right capital source for SW by CLG and recognized Gantry’s mortgage banking platform as a great way to access best in class life insurance companies. Gantry worked with Sponsorship on a very targeted marketing process, understanding the desired terms that would be necessary for making a deal. We ultimately locked with one of Gantry’s life company correspondent relationships with a permanent, five-year loan featuring a fixed rate, interest-only terms, and pre-payment flexibility to anticipate a potential lower future rate climate.”