LOS ANGELES – May 5, 2021 – A fund sponsored by CBRE Global Investors has closed on a $41.5 million mortgage loan to refinance Mariposa on 3rd, a recently built apartment building in Los Angeles. The 122-unit building is located at 269 South Mariposa Avenue in the heart of LA’s Koreatown neighborhood. The floating-rate loan has an initial term of three years and can extend up to two additional years.
Mariposa on 3rd rises seven stories and is situated three miles northwest of Downtown Los Angeles. In addition to a mix of one- and two-bedroom apartments, the property includes a state-of-the-art fitness center, a rooftop terrace, a pet washing station, a clubhouse, subterranean parking and 4,800 square feet of ground-floor retail space. The property will also feature a 1,000-square-foot electronic billboard. Unit finishes include stainless-steel appliances, walk-in closets, balconies, and in-unit washer/dryers.
“Mariposa on 3rd was delivered last year and is nearly 90% occupied already. We believe that the strong initial interest and leasing activity at the property are due to its thoughtful finishes, useful amenities and its ideal location in Koreatown. The building is walkable to some of the area’s best dining and entertainment and only a short commute to Downtown LA and the city’s other popular employment hubs,” said Charles Kim, Managing Director for CBRE Global Investors.
Mariposa on 3rd is situated at the apex of Koreatown and Mid-Wilshire. Home to several of LA’s trendiest clubs, bars, live music venues and restaurants, Koreatown and Mid-Wilshire are renowned for their nightlife and dining options, while the artistic allure of Downtown LA is only a few minutes away. Los Angeles International Airport is a 30-minute drive from the property.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $122.7 billion in assets under management* as of December 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.