Christina Refinances Iconic West Hollywood Property
June 04, 2020
LOS ANGELES--(BUSINESS WIRE)--Christina Development Corporation (“Christina”) announced today the refinancing of Empire View Homes, LLC (“Empire”) located at 1216 – 1224 North La Cienega Boulevard in West Hollywood.
Empire is a Pan-Asian themed, multi-family project originally developed in 1928. The building consists of 14 unique residences, featuring a beautifully landscaped courtyard and stunning views. Empire’s residences, common areas, and secure subterranean parking facility have been meticulously renovated to enhance the prestige of this classic building. Residence features include custom kitchen cabinets, stainless steel appliances, custom tile bathrooms, 9’ ceilings, hardwood floors, and in-unit laundry facilities. Empire is designated as a historical landmark by the City of West Hollywood and is steps away from the famed Sunset Strip. Other prominent establishments in close proximity include Chateau Marmont, 1 Hotel, Sunset Marquis, The Edition, Sunset Tower, SoHo House and the Laugh Factory. These venues are on the cutting edge of the hospitality and entertainment industries and buttress this best-in-class property.
First Foundation Bank (“FFB”) refinanced Empire with an assumable $6,500,000 first trust deed loan with interest set at 6-month LIBOR + 2.25% (fixed at 3.60% until June 1, 2025). The FFB loan provides for interest only payments until June 1, 2025 and matures on June 1, 2030.
Lawrence N. Taylor, President of Christina shared, “We are very pleased to secure such attractive financing for this iconic property. Our team at Christina worked diligently with our FFB partners to finalize this transaction and I am grateful for the shared commitment to our success.”
Christina is a vertically integrated real estate sponsor and manager founded in 1977 and headquartered in Malibu, California. For more than 40 years, Christina has sponsored direct real estate investments in the Westside region of Los Angeles (Beverly Hills, Brentwood, Century City, Malibu, Santa Monica, Westwood, West Hollywood and Venice/Silicon Beach), executing a proprietary and proven strategy focused on tax-advantaged wealth preservation and long-term capital appreciation.
To learn more about Christina’s investment offerings, please visit www.christinala.com.*
ABOUT FIRST FOUNDATION BANK
First Foundation (NASDAQ: FFWM), a financial institution founded in 1990, provides private wealth management, personal banking, and business banking. The Company has offices in California, Nevada, and Hawaii with headquarters in Irvine, California.
For more information about First Foundation Bank, please visit www.firstfoundationinc.com.
*This release is not an offer to sell or a solicitation to purchase securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offering by Christina 4 will be made only in accordance with the terms and conditions set forth in the Private Placement Memorandum.
Contacts Christina Vincent R. Chan, Chief Financial Officer (310) 317-0502