Ground leases on condo complexes are rare in Los Angeles, and that’s why it was so unusual when Century City-based George Smith Partners was approached to help finance the purchase of one.
The condo complex, at 239 S. Barrington Ave. in Brentwood, was built in the 1950s. The developer of the property “ran into a bit of trouble and decided the best way to realize some (money) out of the project was to convert the ground to a ground lease,” said Jonathan Lee, who led the George Smith team arranging the financing. David Stepanchak also helped with the financing.
Read the full article: Rare Condo Ground Lease Sells in Brentwood (Los Angeles Business Journal)
