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Tuesday, Mar 5, 2024

Rental Homes Slated for North Hollywood

Commercial real estate lender 3650 REIT on Wednesday announced it plans to finance construction of a manufactured home community in North Hollywood. To be called Hollywood Backlot Homes, the 10-acre multifamily rental community located at 8250 Lankershim Blvd., includes 140 manufactured homes, an outdoor pool, clubhouse, gym, dog runs, billiards and a gaming center, 3650 REIT said in a statement. Gated entry, barbeque and outdoor lounging areas are also on the list. The 30-month, $36 million bridge loan is for Multi-Opp, a joint venture between real estate development firms Dugally Oberfeld Capital Partners and Fabulous Five, both based in Southern California. Proposed rents for the homes start at $2,100 a month, described as “attainable” for those who might otherwise end up in a standard apartment. Hollywood Backlot Homes also is in an Opportunity Zone within the city, 3650 REIT said. The designation is a plus for the owner, which may be able to defer or eliminate capital gains taxes if the investment is held long term, according to the city’s website. “We believe this project embodies the true goal of the Opportunity Zone legislation, to encourage investment, housing and job creation in designated Opportunity Zones, in addition to providing an affordable option for individuals who may need extra physical space for protection against COVID-19,” Mauricio Oberfeld, co-founder of Multi-Opp, added in a statement. “We are thrilled to have closed the acquisition with financing from 3650 REIT, who understood our vision and was able to navigate an incredibly complex transaction in less than 30 days.”

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