LOS ANGELES — SoLa Impact has received $29 million in New Markets Tax Credit (NMTC) financing to help supplement its funding of two initiatives at Crenshaw Lofts, a 190-unit mixed-use project at 4607 Crenshaw Blvd. in South Los Angeles. The project is a combination of Opportunity Zone financing coupled with NMTC financing and private equity. The NMTC financing will be utilized for the ground-floor commercial and retail space. The NMTCs will specifically fund the build-out and completion of: The NMTC allocations were provided by three mission-aligned Community Development Entities (CDEs): Border Communities Capital Co., Los Angeles Development Fund and Enterprise Financial CDE. Dudley Ventures/Valley Bank served as the tax credit investor. BHI, the U.S. division of Bank Hapoalim, provided the construction financing. SoLa Impact is a family of social impact real estate funds focused on preserving, refreshing and creating affordable housing in low-income communities.
SANTA CLARITA, CALIF. — G.H. Palmer Associates has received a $168 million loan to refinance Park Sierra, a 776-unit apartment building in Santa Clarita, approximately 35 miles northwest of Los Angeles. Walker & Dunlop’s California multifamily finance team, led by Trevor Fase, arranged the financing through Freddie Mac. Originally developed by G.H. Palmer Associates in 1987, the garden-style community offers a mix of 97 one-bedroom and 679 two-bedroom apartments. About 40 percent of the units have been rehabilitated, with additional capital investment planned. Amenities include five pools and spas, a fitness center, picnic and play areas.
UPPER LAKE, CALIF. — Curtis Holdings has completed the disposition of Tallman Hotel and Blue Wing Saloon, located at 9550 Main St. and 9520 Main St., respectively, in Upper Lake. Amar and Rajvi Alapati acquired the assets for an undisclosed price. The buyers will add the properties to its Serenity Hotels Collection. Alex Lee-Bull and Lauren Liebes of CBRE represented the seller. The Tallman Hotel offers 17 rooms across nine buildings. Originally built in 1896, the hotel was renovated between 2002 and 2005 and reopened in 2006 with modern amenities, including an outdoor swimming pool, gardens and a meeting room. Select rooms offer outdoor showers and Japanese Ofuro soaking tubs.
STOCKTON, CALIF. — Marcus & Milichap has arranged the $1.2 million sale of a warehouse property located at 729 S. Commerce St. in Stockton. Matt Sulaiman and Abdullah Sulaiman of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal. Brandon Dena of Marcus & Millichap provided financing support for the transaction. Constructed in 1973, the 13,440-square-foot property features heavy power, a large yard, custom-built office space and convenient access to major freeways.
NEWPORT BEACH, CALIF. — A joint venture between Archer Property Partners and Real Estate Development Associates (REDA) has approval from the Newport Beach Planning Commission to redevelop the 78,000-square-foot office building at 3300 Irvine Ave. in Newport Beach into Newport Irvine Medical Center. The joint venture originally acquired the asset in 2023 for $18.5 million. The three-story Newport Irvine Medical Center will feature a three-story atrium, modernized common areas and elevators and a flexible, future-proof design to adapt for changing medical technologies and patient needs. The partnership plans to break ground on the project’s new parking structure in June and begin full building renovations in September, with project completion slated for spring 2026 and tenant move-ins in summer 2026. MedWest Realty will handling leasing for Newport Irvine Medical Center.
POWAY, CALIF. — Capstone Advisors has completed the disposition of Poway Valley Center, a shopping center in Poway, to Badal Satasiya for $11.6 million. Located at 13314-13340 Poway Road, the property offers 24,802 square feet of retail space with 16 tenants, including Little Sprouts Daycare, Wingstop, Poway Irish Pub, Don Pollo Mexican Food and Bongiorno’s Pizzeria. Reg Kobe, Joel Wilson and Michael Peterson of CBRE represented the seller, while Jimmy Leach and Erik Ransdell of Strands Realty Group represented the buyer in the deal.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of a 14-unit property at 2512-2518 England St. in Huntington Beach, about 40 miles southeast of Los Angeles. The 14,518-square-foot property was built in 1977 and renovated in 2022. The community offers a mix of one-, two- and three-bedroom units. The majority of units are townhome-style residences. The property sits on a 0.43-acre parcel. Dan Blackwell and Mike O’Neill of CBRE represented both the buyer and the seller in the deal. The buyer was a 1031 exchange investor based in Orange County. The seller was a Fountain Valley-based repeat client of CBRE.
MONTEREY, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a two-tenant medical and retail building in Monterey. A private investor purchased the asset from an undisclosed seller as part of a 1031 exchange transaction. Located at 2200 Garden Road, the two-tenant property offers 19,102 square feet of medical and retail space. The asset is fully occupied by BluePearl on a 13-year net lease, and the federal government, which has occupied the building since 2015. Built in 1984 and renovated in 2015 and 2022, the property features two grade-level doors and one dock platform, as well as ample onsite parking. Robert Johnston and Adam Levin of Levin Johnston of Marcus & Millichap, along with Mitchell Zurich of Marcus & Millichap, represented the buyer in the transaction.
LOS ANGELES — The Kroenke Organization, a Denver-based real estate and development firm founded by Stan Kroenke in 1983, has unveiled plans for the development of Rams Village at Warner Center, a 52-acre mixed-use development in Woodland Hills, a Los Angeles neighborhood in the San Fernando Valley. Stan Kroenke is the owner of the NFL’s Los Angeles Rams, which will occupy the development with both its new permanent headquarters and a state-of-the-art training facility. Rams Village is part of an 100-acre tract within the master-planned community of Warner Center that the Kroenke Organization purchased in 2022. That land currently includes the Rams’ temporary practice facility that opened last August and which the team will use during the construction of Rams Village at Warner Center. Kroenke and the Rams organization did not disclose construction costs, but the Los Angeles Times reports that the development could cost upwards of $10 billion to build. “Los Angeles is extremely proud to have the Rams announce their new home in the Valley along with new major plans and commitments that will benefit not only the San Fernando Valley, but our entire city,” says Los Angeles Mayor Karen Bass. “This proposed project will be transformative — …
LOS ANGELES — Dan Baker, director of capital markets for JLL, says the seniors housing and care industry doesn’t need to speculate on whether the market rebound is real or perceived because the numbers tell the story. “I think last year saw the most announced seniors housing transactions ever in a calendar year, not necessarily the most dollar volume,” said Baker during a recent investment panel discussion at InterFace Seniors Housing West in Los Angeles. Baker cited the lack of larger portfolios trading hands as the reason for the modest dollar volume in transaction activity in 2024. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. According to research firm MSCI, property and portfolio sales in the seniors housing and care space totaled $13.2 billion in 2024 compared with $10.9 billion in 2023, a year-over-year increase of 21 percent. That’s still far below the $20.7 billion in deal volume notched in 2021. The data is based on independent reports of sales $2.5 million and above. One compelling trend noted by Baker is the tremendous growth in net operating …