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LOS ANGELES — Barkley Development LLC has received a $10.5-million loan to acquire, entitle, and develop a 1.5-acre parcel of land near the Los Angeles submarket of Sherman Oaks. The land is on Sepulveda Boulevard. Barkley plans to develop a mixed-use asset with 139 residential units and 9,000 square feet of retail. Construction is slated to begin in the fourth quarter of this year.
The development was underwritten to over a 7 percent yield on cost, with a sub-4 percent construction financing interest rate and a terminal pro forma value projected to exceed $50 million. The loan was provided by Gabe Weinert of Johnson Capital.