SAN DIEGO — Max Benjamin Partners has secured a $16.5 million loan for the construction of 10th & Robinson, a multifamily community in San Diego’s Hillcrest neighborhood. Jason Moyal and Max B. Mellman of Max Benjamin Partners arranged the loan for the undisclosed investor. The development will offer 70 apartments and, along with its sister building, will feature a pool, co-working space, gym and high-end finishes.
LOS ANGELES — Barings has provided a $160 million construction loan alongside $155.5 million in C-PACE financing from a subsidiary of Counterpointe Sustainable Advisors for the development of Habitat, a “live-work-thrive” campus in Los Angeles. Lendlease is developing the project, which will include creative office space, luxury apartments, retail and an integrated park. Located at 3401 S. La Cienega Blvd. and offering immediate access to the LA Metro and Expo Bike Path, Habitat is situated where Culver City meets the heart of Los Angeles. Upon completion, which is slated for early 2026, the property will feature a six-story, 253,000-square-foot creative office building and a 12-story, 260-unit multifamily building. There will also be restaurant, retail and amenity space. Habitat will feature a unique terraced design along with walking paths, indoor-outdoor workspaces, integrated green spaces and private outdoor terraces. Lendlease is targeting LEED Gold certification for the residential building and LEED Platinum for the commercial portion. The project is certified Net Zero Carbon in construction and operations. Plans call for solar panels, 64 dedicated electric vehicle parking spots, 222 secured bike parking spaces and onsite stormwater treatment and infiltration. The $160 million senior loan features a five-year term, and the $155.5 million …
LOS ANGELES — Advanced Real Estate has purchased Canvas LA, a multifamily property along 110 Freeway in downtown Los Angeles, for $62 million. Canvas LA offers 210 apartments; a resort-style pool with cabanas; large gym with separate cardio studio; game room; conference and office space; screening room; and sky deck with fire pit. Advanced Real Estate plans to lightly renovate the asset, which underwent a $3 million renovation in 2018. Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia and Kip Malo of JLL Capital Markets brokered the sale. Advanced procured a $39.9 million Freddie Mac loan at a fixed rate for seven years with full-term interest-only payments for the acquisition. Kevin MacKenzie, Greg Brown and Charlie Vorsheck of JLL Capitla Markets arranged the financing. The seller was not disclosed.
SAN FRANCISCO — San Francisco State University (SFSU) has completed West Grove Commons, a 700-bed residence hall located on the university’s campus in San Francisco. The 120,000-square-foot community features a cluster format wherein groups of 35 students occupy triple rooms with a dedicated lounge and all-gender bathroom facilities. The six-story project was funded by a California Affordable Student Housing grant and the community will offer beds with a 25 percent reduction in room fees compared to SFSU’s standard rates. The project also includes a second 50,000-square-foot building, which will feature a dining commons and student health and wellbeing center. The development team for the project included general contractor McCarthy Building Cos. and EHDD Architecture.
RIVERSIDE AND SAN BERNARDINO, CALIF. — PSRS has arranged a $5 million loan for the refinancing of six non-contiguous retail properties, totaling 38,000 square feet in Riverside and San Bernardino counties. The portfolio loan enabled the undisclosed borrower to cash out and restructure high-interest-rate private financing. Michael Warner of PSRS secured the financing, which features five years of interest-only payments, a 30-year amortization and no prepayment penalties. A credit union is providing the capital.
— By Matt Davis — Imperial County is deeply intertwined with agriculture, experiencing significant growth in both farmable acreage and the value of its agricultural outputs. The region has had a 20 percent increase in the number of farms, a 40 percent expansion in farmed acreage and a nearly 65 percent rise in the market value of agricultural products sold over the past five years. However, agriculture is not the only growing industry in the Valley. It will also soon be recognized for its lithium extraction and geothermal energy production, as well as its role as a strategic logistics hub. As newer industry sectors continue to grow and evolve in the region, their demand for land will also increase. Fortunately, Imperial County boasts ample available land to meet these needs. Investor interest in Imperial Valley land has surged as agricultural areas — despite continued growth — are increasingly transitioning to higher and better uses in key areas of the Valley. From Farming To Energy Forward-thinking investors and developers have begun to purchase and reposition legacy agricultural land to support emerging lithium mining operations in northern Imperial County and logistics users near the Calexico-East port of entry in the south. They …
CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.
SAN DIEGO — BH Properties has purchased Hazard Center, a mixed-use campus in San Diego’s Mission Valley submarket, for an undisclosed price. Adam Edwards, Justin Shepherd, Michael Kathrein and Bailey Bland of Eastdil Secured represented the undisclosed seller in the transaction. Situated on 14.5 acres, Hazard Center consists of a 15-story, 270,000-square-foot office tower that was completed in 1990 and a more than 135,000-square-foot retail component that was completed in 1989. The office tower is more than 77 percent leased to long-tenured tenants. Current retail tenants include Barnes & Noble, Orangetheory Fitness, BJ’s Brewhouse, Wood Ranch BBQ & Grill, Which Wich Superior Sandwiches and FedEx Office.
— By Pat Swanson — Orange County’s multifamily housing market is still facing challenges. These include rising operating expenses, such as escalating insurance costs and new regulatory standards like SB 721. However, I am optimistic that the county will experience a soft landing compared to other parts of the country. Inflationary pressures and stringent rent control measures in areas like Santa Ana have heightened financial burdens for property owners, impacting profitability and investment decisions. Investors are increasingly favoring higher-quality, long-term assets in premier coastal locations like Newport Beach where properties have shown robust rent growth, averaging 5 percent annually over the past five years. Our team of multifamily advisors works closely with clients to navigate this evolving landscape, emphasizing opportunities in high-demand, flight-to-quality assets. Seller-carry financing and loan assumptions have emerged as highly sought-after options, appealing to buyers seeking reduced upfront costs and flexible financing terms, while allowing sellers to maximize property value without heavy down payment requirements. There is pent-up demand in Orange County’s multifamily housing market, particularly for properties in the right areas. Our expertise lies in identifying and leveraging these opportunities for our clients. By understanding the nuances of market demand and regulatory changes, we can help …
BAKERSFIELD, CALIF. — Bascom Group has acquired Old River Place, a build-to-rent single-family multifamily property in Bakersfield’s Southwest submarket, from an undisclosed seller for $56.6 million, or $227,444 per unit. Annette Rice and Jamie Kline of JLL arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. Mark Bonas of The Mogharebi Group led the firm’s investment sales team that represented the undisclosed seller. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management. Old River Place features 249 two- and three-bedroom apartments in a low-density, single-family residential-style community.
