ACRES Capital has originated a $41.1 million loan to fund the construction and stabilization of a six-story building.
The micro-unit multifamily and retail project is located at 1410 N. Highland Ave. in the Hollywood neighborhood of Los Angeles.
The loan is provided to ELK Development and Sixty West. The project will feature: 180 micro-units grouped into 49 pods; Two-level parking garage with automated lift system; 800 square feet of retail space; Community area, fitness room and spa; Common area courtyard, rooftop deck, dog run and bike storage.
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