The newly built West Hollywood apartments have a yoga studio, bowling alley and screening room in a vibrant neighborhood near Beverly Hills. The only two available units — each with three bedrooms and three baths — rent for $19,500 and $22,000 a month.

But despite commanding sky-high rents, the property’s owners are already dealing with the weight of borrowing costs that have surged since 2022. Its lender, KKR Real Estate Finance Trust, has the $105 million floating-rate loan on a watchlist of troubled debt.