Property Description:

The Rosslyn Lofts, Los Angeles, CA

Avatar Financial Group is pleased to announce the funding of a refinance package for the historic Rosslyn Lofts. Beautiful, upscale loft-style apartments are now being crafted in the legendary Million Dollar Hotel in downtown LA.

This grand dame of hotels was originally constructed in at the turn of the century and hosted film stars and the rich and famous of Hollywood for many years. The hotel has been seen in film noire style movies such as Spiderman and was the namesake for the 2001 film, The Million Dollar Hotel, starring Jeremy Davies, Mel Gilbson, Milla Jovovich, and Jimmy Smits. Recently, Cingular Wireless used the hotel in their commercial for wireless phone services.

With the flight to the suburbs, LA’s architecturally rich downtown core fell onto hard times. In the late 1970’s, two forward thinking brothers, Joseph and Robert Frontiera purchased the hotel. Over the years, they have continued to operate the hotel, waiting for the right time to restore her to her original beauty. That time has come!

When the Frontieras looked for working capital to fund the renovations, they ran into several problems. Although, they had taken great pains to separate the activities of guests and renovators, local and national banks didn’t like the idea of running the hotel during renovation. The area is only just beginning to see a resurgence in interest from young professionals looking for downtown residences. And, once again, traditional lenders shied away. With local groups fighting for a say in what the future of the property should look like, knotty development issues and more, obtaining funding presented significant challenges.  Through the competent services of PRC Partners, the men turned to Avatar Financial Group for help.

Avatar put together a funding package to begin the renovation process and enable the hotel to continue to operate the hotel, which provides continuing income during renovation.

For more information about the new apartments at The Rosslyn Lofts, call 562-590-8570

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