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Local Developer Creates Partnership with Parkview Financial to Ensure Multifamily Restoration

With 40 years of experience under his belt, Marvin Markowitz is no stranger to the real estate community. It all started for Marvin in 1969 when his family purchased Factor’s Famous Deli; a cornerstone of the Jewish community located in the heart of Los Angeles. Today, Factor’s Famous Deli celebrates its 70th year of business, having been in the Markowitz family for 50 of those years.

In the late 1970s, Markowitz expanded his business aims and moved into real estate development. Learning the trade from his father in law Nathan Rosenblatt, Markowitz committed himself to learn all he could about multifamily development, acquisition, entitlement, and design. Shortly after, he found that owning and building properties was his passion in life and started his own real estate company, the Mar- Mar Group.

Today, he focuses on restoring multifamily buildings in Beverly Hills and the greater Los Angeles area. He believes this is the key to unlocking LA’s submarket. “Multifamily is a shortage in our neighborhood, and this is what I am trained to do,” he said.

Believing whole-heartedly in the potential of Beverly Hills’ high-end market, Markowitz works hard to create quality developments that serve to enhance and improve the community. To ensure this, he proudly oversees all aspects of his developments; from the management of construction to crafting all final design details.

To further the scope of his developments, in 2016 George Smith Partners introduced Markowitz to Parkview Financial, a direct private lender founded by a former real estate developer and general contractor focusing on ground-up construction financing in the Western United States. Equipped with over 100 years of combined construction experience, Parkview served as a prime choice for the underwriting, managing, and servicing of Markowitz’s construction loans.

“Parkview gives me the respect and structure to get my projects closed and finished in good standing Parkview has given me financing the way a lender should and made my life easier,” he said.

Continuing his journey to create more multifamily units, Markowitz has begun development on three projects across the Los Angeles and Beverly Hills area, utilizing his financing from Parkview Financial.

Bedford- Located at 1226 S. Bedford St in Los Angeles, Marvin has secured a $13.5 million loan from Parkview Financial and approval from the City of Los Angeles for the construction of 20 apartment units across five stories, including one levelof subterranean parking.

Corning- Located at 1055 S Corning St, Marvin will use a $13 million construction loan to create 19 apartment units across five stories over two levels of subterranean parking with a net rentable/sellable component of 27,706 square feet.

La Peer- For the Beverly Hills Market, Marvin alongside partner Bobby Freedman will use a $20 million construction loan to create sixteen luxury 2-3 bedroom condominiums ranging from 1,846-2340 SF at 154-168 N. La Peer Drive.

The La Peer project is a particularly special development for Marvin as it marks the last partnership between himself, and his late father in law, Nathan Rosenblatt.

These projects, alongside his partnership with Parkview, serve to prove Markowitz’s commitment to creating more multifamily development in the Los Angeles and Beverly Hills area. “As a former developer of multifamily in Los Angeles, Paul Rahimian and his team at Parkview understand the development process better than any bank or other lender could ever comprehend,” said Markowitz.

And for Parkview, their partnership with the longtime developer is looking like only the start to further opportunities in the multifamily development arena. “Our seasoned developer believes multifamily is still strong and we are pleased to continue our relationship with him,” said Paul Rahimian, CEO at Parkview Financial.

For Markowitz, the journey that began with his families’ acquisition of Factor’s Famous Deli in 1969 has now come full circle. “Multifamily building will continue to restore and enhance the community,” he said, “if we build more and more apartments, we will help the people of Los Angeles with the vast shortage of livable units and make Los Angeles a better city for everyone.”

via Los Angeles Business Journal


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