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LOS ANGELES — A21-unit apartment building in the Los Angeles submarket of Toluca Lake has received a $7.4-million refinancing. The community was originally developed as high-end condos in 2007. When the market crashed, the developer converted the units to rentals. The apartment loan is underwritten to $352,380 per unit. The loan features a fixed rate for five years and a minor prepayment penalty for three years. The borrower hopes to sell the units as condos if and when the market recovers. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office.