$9M Refinance of the Urbanpolitan Apartments in Los Angeles

PNC Bank's prior loan on the Urbanpolitan was recorded in March 2016 on a ten year term due April 1, 2026. Its replacement, a $9,000,000 refinance, was recorded on April 1, 2026, the maturity date itself. Few records in this database time a rollover to the day; this one does, and with the same lender on both sides.

The asset is a 2015 built, 45 unit Class A building at 739 South Ogden Drive, in the Beverly Grove and Mid Wilshire area near the Miracle Mile: 46,066 square feet on a 0.61 acre lot, one and two bedroom units only, with advertised rents of roughly $2,795 to $3,450 for one bedrooms and $3,995 for a featured two bedroom, per the building's site and listings. The borrower entity shares the building's name, and marketing describes the property as family owned and managed. Because it was built decades after 1978, the building falls outside the city's Rent Stabilization Ordinance under the ordinance's general rule.

The recorded history tells the development story in four instruments: Wilshire State Bank loans in 2006 and 2007 on the prior improvements, a $12,100,000 construction deed of trust from California Bank and Trust in 2014, the $27,100,000 sale recorded in March 2016 weeks before PNC's original $7,500,000 loan, and now the 2026 refinance at $9,000,000. New construction, stabilization, sale, ten quiet years, rollover.

PNC Real Estate is a national platform spanning balance sheet lending, Fannie Mae and Freddie Mac agency programs, and an affordable housing arm, per its published pages. This is one of two PNC closings tracked on LoanList and its first in Los Angeles, ranking 38th of 58 in the tracked market. The band around it is crowded: $9,100,000 from J.P. Morgan in Azusa, $9,400,000 in construction financing from Self-Help Ventures Fund, and $8,550,000 from City National Bank in Los Feliz.

For owners of newer vintage Class A buildings, the takeaway is the shape of the rollover: a bank that held the paper for a full decade re upped at a modestly higher balance, on schedule, without drama. Post 2015 product with clean rent rolls is refinancing routinely, and the recorded dates here, maturity and new money on the same day, are what routine looks like.