We’ve invested roughly $3.8 million in the renovation and development of twelve apartments on approximately 15,000 square feet (0.34 acres) of land in the Echo Park neighborhood of Los Angeles. The borrower, Node Los Angeles Sunset General, plans to renovate the existing ten apartments on the property and develop two additional apartments on the site.
Node is a global design-led real estate company aimed at creating luxury communities catered to millennials in the creative space. They have developed properties in a number of major urban areas around the world, including Brooklyn, Los Angeles, Toronto, and Dublin.
Echo Park is a neighborhood just north of downtown Los Angeles between the well-known neighborhoods of Silver Lake and Hollywood. Echo Park has experienced tremendous growth as homes in these neighboring communities become out of reach for first-time homebuyers. Echo Park’s central location, trendy restaurants, and vintage shops are expected to continue to attract residents.
