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Loan OKd for Rental Units

September 07, 1986

An $8.5-million construction/financing loan for a Westwood apartment building at 527 Midvale Ave. has been arranged for Homestead Group Associates by Meenas Manjikian and Richard Bopp of George Smith Financial Services through California Federal Savings & Loan.

The loan, more than $80,000 a unit, is considered high for an apartment project, according to Manjikian, but is justified by the low vacancy levels and high rents in Westwood.

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