3650 REIT Originates $36M Loan for Acquisition, Redevelopment of Manufactured Housing Asset in Los Angeles
LOS ANGELES — 3650 REIT has originated a $36 million bridge loan for the acquisition and redevelopment of Hollywood Backlot Homes, a 10-acre manufactured housing community in Los Angeles’ North Hollywood submarket. The borrower is Multi Opp, a joint venture between real estate development firms Dugally Oberfeld Capital Partners and Fabulous Five LLC.
Situated within an Opportunity Zone at 8250 Lankershim Blvd., the buyers will operate Hollywood Backlot Homes as a detached multifamily rental community aimed at fulfilling demand for attainable housing options in the Los Angeles market. Multi Opp plans to design and install nearly 140 manufactured homes on the site to create a master-planned community. On-site amenities will include an outdoor swimming pool, clubhouse, gym, billiards and gaming center, dog runs, barbeques, outdoor lounging area and gated entry.