SUN VALLEY : L.A. OKs Loan to Repair Apartments
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The Los Angeles City Council on Wednesday approved a $1.25-million loan to a Brentwood-based developer to rehabilitate a 25-unit apartment building in Sun Valley now owned by Sanwa Bank as a result of foreclosure proceedings.
The loan will go to Thomas Safran & Associates to buy run-down and overcrowded units at 11047 Strathern St. The 1988 building has been owned by the bank since May 1991, a city report noted in recommending the deal.
Safran owns several adjoining apartment houses for low and moderate income families, including the 169-unit Strathern Park and 93-unit Strathern Court projects.
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