3650 REIT Originates $36M Loan for LA-Area MHC Acquisition
- Jun 19, 2020
Florida-based 3650 REIT, which specializes in bridge loans and stable cash flow loans, has originated a $36 million financing for the acquisition of Hollywood Backlot Homes, a 190-site manufactured housing community in North Hollywood, Calif. The sponsor, a joint venture of Dugally Oberfeld Capital Partners and Fabulous Five called Multi Opp, plans to redevelop the property and operate the asset as a detached multifamily rental community. The redevelopment project will add 140 new sites on the 10-acre lot.
Hollywood Backlot Homes is located at 8250 Lankershim Blvd. in an opportunity zone close to Hollywood Burbank Airport. Amenities at the Class A property include an outdoor pool, clubhouse, gym, billiards and gaming center, dog runs and outdoor lounging area. The community also offers access to nearby entertainment and sports venues such as Hollywood Cinema Arts and Gol Soccer Complex.
The expansion of Hollywood Backlot Homes will be Multi Opp’s first project located in an opportunity zone. The partnership is also set to begin work on another 15-unit stackable project in North Hollywood.