
FOR IMMEDIATE RELEASE
4/2/2025 – Huntington Beach, CA – Schelin Uldricks & Co. is pleased to announce the recapitalization of the Harlan Residences at Hillview, a 54-unit multifamily property with 8,610 square feet of ground floor and subterranean retail space fronting Hollywood Boulevard in Los Angeles. The new financing enabled the ownership group to pay off their floating rate bridge loan and secure fixed-rate non-recourse financing for the next 5 years. Details of the loan included the following:
- $11,660,000
- 5.86% Fixed Interest Rate, after buydown fee
- 5-year term, no amortization
- Non-Recourse
The Harlan Residences was acquired in late 2021 and underwent significant renovation and lease up in 2022. The property enjoyed immediate success and began to stabilize the following year when the local market was adversely impacted by the Hollywood Writer’s & Actor’s strikes. This, coupled with the rise in interest rates and the onset of the Los Angeles Mansion Tax, put the ownership group in a situation where a property sale was unattractive. “Despite a challenging capital markets environment and a long loan marketing campaign, we were able to secure an attractively priced 5-year interest only loan ahead of a loan maturity that gives the property more time to season and the market to recover,” commented Ethan Schelin, Managing Partner.
In addition to the new fixed rate debt, the limited partner Schelin Uldricks & Co. arranged for the 2021 transaction contributed new preferred equity to complete the recapitalization. “Many real estate owners are in this very same situation where they need new equity to complete a refinance because selling now is not attractive,” remarked Derek Uldricks. “The new capital composition allows the ownership group to focus on enhancing value and delaying a sale until the local real estate market fully recovers.”
About Schelin Uldricks & Co.
Schelin Uldricks & Co. is a commercial real estate firm offering investment banking services with a focus on providing capital solutions to real estate companies and other mid-sized businesses.
Headquartered in Huntington Beach, CA, Schelin Uldricks & Co. embodies an entrepreneurial culture focused on integrity, transparency, execution, and ingenuity. The founding partners bring over 35 years of collective capital markets experience in investment banking, private equity, and real estate finance. The company offers a broad array of services, including debt and equity placement, M&A, GP advisory, divestitures, and financial restructuring.