Deal Sheet (Cont'd)
FINANCINGS
George Smith Partners' Steve Bram and David Pascale arranged a $185M recap for a portfolio of four Class-A shopping centers, including Montalvo Square in Ventura (above), on behalf of DJM Capital Partners. According to Steve, DJM wanted a fixed-rate portfolio lender that would keep the loans on book for the entire term to simplify servicing. Ari Shram assisted on the deal, which was structured as four separate loans with no cross collateralization.
***
Johnson Capital's Sherwin Aryeh originated a $10.5M loan secured by a 20-unit luxury multifamily property in West LA. The loan value ($525k/unit) is one of the highest ever funded in the region on a per unit basis.
CONSTRUCTION/DEVELOPMENT
GLEH Los Angeles Corp, aprovider of LGBT-friendly, affordable seniors housing, unveiled plans for its latest project: the 40-unit Argyle Apartments in Hollywood. It's being built at Hollywood and Western--one Metro stop from the company's Triangle Square complex. GLEH partnered with AMCAL Multi-Housing on the $17.5M project, which is slated to open in Spring 2014.
***
Construction began on Frost/Chaddock's $30M, 115-unit mixed-use project at 3425 Motor Ave in Palms. Designed by Killefer Flammang Architects, the five-story building will contain ground-floor retail and 17 low-income units, a quarter-mile from the future Expo Line phase II station at Motor and National. The exterior boasts metal wall panels and a distinctive horizontal member at the fourth level containing an apartment. Completion is slated for May 2014.
***
Bernards and Colombo Construction Co will break ground next month in Tehachapi on a $56M replacement hospital for the Tehachapi Health Care District. Designed by Stephen Wen of SWA Architects, the 25-bed facility replaces the district's existing hospital two miles away. The critical-access rural facility is the only hospital within a 50-mile radius.
EXECUTIVE NEWS
Tim Sullivan joined Meyers Research, a Kennedy Wilson Company, tooverseethe day-to-day operations of its advisory group. Previous stints for the resort market and master plan development expert include KPMG, Peat Marwick's national real estate consulting group, and Hanley Wood.
***
Industrial specialist Brad Koehler joined Cassidy Turley's LA Metro office as a VP. He brings 25 years of experience, including representing Lockheed Martin in the disposition of 1.8M SF and the acquisition of nearly 1M SF for Walt Disney Imagineering. In addition, office tenant rep Jason Gancarczyk joined the firm as a senior associate.
***
The LA Lakers and Comerica Bank will present Randy Fifield, managing director and principal of Century West Partners, with the "Woman of Business" award in the Comerica Bank Best of LA Women's Business Awards. Randy's being honored for her residential development work, having helped spearhead luxury condo tower projects like Beverly West and The Californian on Wilshire. At the Staples Center tomorrow, the honorees will be recognized on the center video board and during a game break award ceremony during the Lakers game.
***
Jones Lang LaSalle EVP Corey Spound was elected 2013 president and executive chair of the AIR Commercial Real Estate Association. Joining him on the executive committee: GM Properties' Jason Jamison, president-elect/long-range planning; Cresa's Joe Faulkner, VP/MULTIPLE chair; Lee & Associates-Ontario's Joseph Lin, VP/education chair; and Jones Lang LaSalle's Louis Tomaselli, secretary-treasurer/budget & finance.
***
Argent Retail Advisors added Nick Ritch and Mike Kihm to its Inland Empire leasing team. Nick, an associate director, comes to Argent from KORE Properties. Mike, an associate, most recently ran his own appraisal company.
We need your hot news to chase away the rain. Email it to julie@bisnow.com.
