Brentwood Condominiums Receive $13.2 Million in Construction Financing Arranged by Holliday Fenoglio Fowler.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--April 10, 2002

A New Zealand multifamily property developer has obtained $13.2 million in construction financing for The Gardens at Darlington, a 39-unit condominium project under way in the Brentwood section of Los Angeles, via a loan arranged by Holliday Fenoglio Fowler, the nation's leading commercial mortgage banking and investment sales firm.

Jerry Wise, of Holliday Fenoglio Fowler's Los Angeles office, arranged the adjustable-rate, 15-month (plus extensions totaling an additional 15 months) financing on behalf of New Zealand-based Pacific Northstar Property Group, through Builders Bank.

"This is the second American project for Pacific Northstar Property Group, which has extensive experience developing multifamily property throughout New Zealand," Wise said. "We had a lot of interest from the lending community concerning this project, and ultimately obtained funding prior to completing the permit process, which is a little unusual."

Located at the northwest corner of South Westgate and Darlington avenues in the Brentwood area, The Gardens at Darlington will feature four-story over subterranean parking, with unit sizes averaging 1,800 square feet. Sale prices will average more than $650,000. The developer anticipates building additional multifamily projects in California, particularly in the southern portion of the state, Wise said.

Holliday Fenoglio Fowler is the country's largest intermediary of capital for the commercial real estate industry. 2001 was a record-breaking year for the firm, with more than $12.2 billion in business volume. Since 1997, the national mortgage banking firm's debt, equity/structured finance and investment sales transactions have totaled more than $50 billion.