LA Deal Sheet
On behalf of The Latigo Group, Dekel Capital has arranged $59M in construction financing for the development of a mixed-use multifamily and retail project in Thousand Oaks.
299 Thousand Oaks at 299 East Thousand Oaks Blvd. will be a 3.2-acre mixed-use development featuring 142 units of four-story, Class-A apartment homes, 9.8K SF of ground-level retail and parking for 239 vehicles.
The construction financing came from a publicly traded REIT and a life insurance company, Dekel principal Shlomi Ronen said in a news release. Ronen arranged the financing.
Latigo will continue to move forward with the development, while adhering to local and state social distancing guidance for construction sites, Ronen said.
“Despite the havoc that has literally shut down the real estate industry by the COVID-19 pandemic, our two lenders closed and funded their capital,” Ronen said in a statement. “The lack of housing construction in Thousand Oaks over the last decade has led to a notable supply/demand imbalance.”
SALES
AEI Expo OZ Fund has purchased three adjoining multifamily lots totaling 16.5K SF from a private seller for $3.2M. The properties total 36 units at 4101, 4109 and 4115 Exposition Blvd. and sit in a designated opportunity zone. RE/MAX Commercial's Casey Lins and Scott Rosenberg represented the buyer.
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An undisclosed buyer has purchased a 16-unit multifamily property in Westlake Village from 7337-7341 Variel for $8.15M. The Verona Apartments at 3200-3240 Foothill Drive sold for $509,375 per unit, one of the highest marks in Westlake Village, according to the broker. Marcus & Millichap’s Rick Raymundo represented the seller.
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A private investor has purchased a 20-unit apartment building in Los Angeles from an undisclosed LLC for $9.7M. Built in 1988, the apartment at 12626 Matteson Ave. feature a mix of two- and four-bedroom units. Matthews Real Estate Investment Services’ Kyle Mirrafati represented the buyer and seller.
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A private investor has purchased three retail buildings totaling 27K SF in Westwood from an undisclosed seller. The price was not disclosed. The buildings at 2107-2121 Westwood Blvd. were home to Wally’s Wine & Spirits. The Passman Group’s David Passman, Michael Navi and Marc Pakravan represented the seller.
FINANCING
On behalf of an undisclosed borrower, IPA Capital Markets, a division of Marcus & Millichap Capital Corp., has arranged a $22.3M loan for the acquisition of an 85-unit multifamily asset in West Covina. The debt is fixed at 3.75% for seven years, with the first three years as interest-only followed by a 30-year amortization. The loan-to-value is 60%, according to Marcus & Millichap. Marcus & Millichap’s Michael Derk and Nick Gray arranged the financing. Marcus & Millichap’s Tyler Leeson, Matthew Kipp and Kevin Green represented the borrower in the 1031 exchange.
