LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors housing. Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980. “Extending the affordability of all 407 apartment units isn’t just a matter of housing; it’s a commitment to sustaining the heart of our community. We are not only ensuring that seniors and families have an affordable place to call home, we’re also nurturing the vibrant social and economic fabric of Los Angeles County,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “This investment brings our portfolio in Los Angeles County to over 1,700 units.” The assets include: • Oxford Park, a 109-unit senior community • Rayen Park, an 84-unit senior community • Sherman Arms, a 74-unit senior community • Villa Marisol, a 48-unit senior community • Columbus Terrace, a 42-unit senior community • Villa San Dimas, a 50-unit family community Standard Communities partnered in this transaction with the …
CARPINTERIA, CALIF. — PSRS has arranged $5.1 million in refinancing for Baker Bradford Complex, a 172,000-square-foot industrial complex in Carpinteria. PSRS secured the nonrecourse, 10-year, interest-only loan through a correspondent life insurance company. The borrower was not disclosed.
LOS ANGELES — Carmel Properties has announced plans for Forge at Alloy, a 1 million-square-foot mixed-use property at 530 Mateo St. in Los Angeles’ Art District. The developer has retained Mike Condon Jr., Brittany Winn, McKenna Gaskill, Pete Collins and Steven Marcussen of Cushman & Wakefield to lead leasing effort for the project, which is slated for completion in third-quarter 2024. Forge at Alloy will consist of a six-story, Class A building featuring 127,456 square feet of creative office space and 18,000 square feet of ground-floor retail space, outdoor space with seating and lounge areas, a rooftop deck and three levels of parking. The second building will be a 35-story, 475-unit residential tower. The office and residential components will be connected via a pedestrian and retail paseo, formerly a rail spur, between Mateo Street and Santa Fe Avenue. The paseo will house year-round activities and attractions, including public art installations, outdoor concerts, movies and other special events.
DIXON, CALIF. — CBRE has secured $30 million in refinancing for Dixon Commerce Center, a warehouse facility at 2299 Commerce Way in Dixon, approximately midway between Sacramento and the Bay Area. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek of CBRE Capital Market Debt and Structured Finance secured the fixed-rate, nonrecourse loan through a large regional bank. The borrower was Nearon Enterprises. Totaling 447,042 square feet, the building was built in two phases — one in 1997 and the second in 2007. Situated on 30 acres, the single-tenant asset was renovated in 2019 and features 27.5-foot to 32-foot clear heights, 30 dock doors and two grade-level doors with ample parking.
WEST HOLLYWOOD, CALIF. — HQ Development, led by Robert Herscu, has purchased a vacant property at 825 N. San Vincente Blvd. in West Hollywood. Hilldale Property Owner sold the asset for $19 million. Christopher Bonbright and Jonathan Larsen of Avison Young handled the transaction on behalf of the seller, the property’s original owner and developer. Avison Young positioned the building as an opportunity for redevelopment, as the site is located between Sunset and Santa Monica boulevards near famous and popular venues like The Comedy Store, The Viper Club, The Troubadour and Whiskey A Go Go. Built in 1984 and renovated in 2014, the three-story property features 28,512 square feet of space and parking for 135 cars. According to Avison Young, the asset satisfies West Hollywood’s parking and zoning requirements for office, medical, co-working, health club and hospitality uses, including a boutique hotel and restaurant.
NEWPORT BEACH, CALIF. — PSRS has arranged $4.8 million in refinancing for Newport Channel Inn, an independent limited-service hotel in Newport Beach. Constructed in 1962 and renovated in 2013, the hotel features 31 guest rooms. Jacob Lee and Thomas Rudinsky of PSRS arranged the loan, which features a five-year term and a 30-year amortization schedule. A correspondent life insurance company provided the capital.
JLL Arranges $43.2M Loan for Varenita of Westlake Seniors Housing Property in Thousand Oaks, California
THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged $43.2 million in financing for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, approximately 40 miles west of Los Angeles. JLL represented the borrower, Westlake Senior Living Center LLC, to secure the five-year loan from a regional bank. The Class A community consists of 58 assisted living units and 28 memory care units across three stories with surface and underground parking. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. Varenita of Westlake is located within walking distance of some of the nation’s largest retailers and less than four miles from The Oaks, an open-air and enclosed shopping center. Alanna Ellis and Ace Sudah led the JLL team.
SANTA MONICA, CALIF. — Barnes & Noble will open a store within a 21,000-square-foot space at Third Street Promenade in Santa Monica. This marks the return of the retailer to the property following a five-year hiatus. Other new tenants at the center include fitness brand JOHN REED and pickleball venue Pickle Pop.
TUSTIN, CALIF. — Confluent Senior Living and MorningStar Senior Living have entered into an Exclusive Negotiating Agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location provides direct access to the next phase of Tustin Legacy Park, which will ultimately connect all sections of Tustin Legacy. The developers plan to break ground in the first half of 2025 through a public-private partnership with the city. HPI Architecture designed the project. During the initial nine-month ENA period, the city, Confluent and MorningStar will negotiate a Disposition and Development Agreement (DDA) that will provide the price and terms of the transaction with the city. Confluent and MorningStar will pursue approval of entitlements for the project during the same ENA period.
SAN JOSE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.8 million loan for the refinancing of Tully Commercial Center, a retail property in San Jose. Located at 1055-1095 Tully Road, Tully Commercial Center features 15 freestanding retail spaces. Current tenants include Little Caesars, Hawaiian BBQ, a hair and nail salon, and a dry cleaner. David Campbell of MMCC’s Palo Alto office secured the financing, which features a seven-year term and 25-year amortization.