ING Real Estate Finance (USA) LLC successfully closed a US$66.9 million first mortgage acquisition loan to Redrock NoHo Residential LLC, a joint venture comprised of affiliates owned and controlled by Rockwood Capital and Redwood Partners Inc.
ING Real Estate Finance's Los Angeles office acted as Administrative Agent and underwrote the entire loan amount. Proceeds from the loan will be used to acquire NoHo Lofts, a newly built upscale residential complex consisting of 292 apartment units located in North Hollywood, CA.
"ING's interest in the financing is supported by the burgeoning residential North Hollywood district and strong sponsorship" commented David Mazujian, President of ING Real Estate's US Finance unit.
This financing represents ING Real Estate Finance's first transaction with Rockwood Capital and Redwood Partners Inc.
Source: ING Real Estate