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LOS ANGELES – The 335-unit Piero II Apartments in Downtown Los Angeles has received $70 million in financing. The community is located at 609 St. Paul Avenue. The non-recourse loan features a five-year, interest-only term. It was used to pay off the property’s maturing $65-million construction debt. The community was built in 2011 and is currently more than 95 percent leased. Financing was arranged by George Smith Partners (GSP) through an off-shore commercial bank.