Buchanan Street Partners Provides $4.1M Acquisition Loan for Apartment Complex in Los Angeles

LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short-term bridge financing for the acquisition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighborhood of Los Angeles.

The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale and financing. Renovations will include all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property.