This Week's LA Deal Sheet
A new student housing development has opened at 1630 San Pablo St., at the LAC+USC Medical Center in Lincoln Heights.
The new complex, designed by KTGY Architecture + Planning and developed by American Campus Communities, holds 95 units and 297 beds. The units are arranged in multi-room suites with communal kitchens and bathrooms.
The student housing building features indoor and outdoor study space, a total of 35% open space, and student-serving retail space.
Phase 1 of the housing complex, the adjacent Currie Hall, was also designed by KTGY and contains resident amenities.
PEOPLE
Multifamily investment management and development firm Cityview has promoted both Managing Director of Capital Raising and Investor Relations Khalif Edwards and Senior Vice President of Operations and Associate General Counsel Jennifer Halvas to partner. Edwards and Halvas will help steer the firm’s strategic decisions and serve as key members of Cityview’s investment committee.
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Construction firm Suffolk has hired Jennifer McCarthy as its director of strategic client development in San Diego. McCarthy will be responsible for developing business development strategies to help Suffolk build its brand in San Diego and throughout Southern California. McCarthy comes to Suffolk from the construction firm Swinerton, where she also led business development.
SALES
Compass Commercial Senior Vice President Shaya Braverman and Compass associate Brendan Brown sold a 200-unit affordable housing community in Sylmar for $29.4M. Braverman and Brown represented the buyer, Positive Investment, and the seller, 21 Alpha Group, in the off-market transaction. The 178K SF complex includes six apartment buildings, two common areas and two pools.
LEASES
JLL has been hired to lease and reposition the five-building, 674K SF St. Vincent’s Medical Center campus in Westlake. The center is owned by Los Angeles Times owner Dr. Patrick Soon-Shiong, who bought it in April from Verity Health. In addition to the 391K SF hospital, the campus includes three office buildings and a residential building. JLL Executive Vice President Chris Isola, Managing Director Bryan Lewitt, Executive Managing Director Tony Morales and Senior Associate Kellie Hill are overseeing leasing.
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Four industrial tenants – Columbia Aluminum Products, Tyger Auto, Mascot International Logistics and Web Deal Direct – have signed leases for a total of just over 731K SF at Shea Properties’ Shea Center West Corona in Corona. CBRE Senior Vice Presidents Ben Seybold and Sean Ward and Executive Vice President Dan de la Paz represented the landlord in the deals. The complex was just completed this year and is now fully leased.
FINANCING
Commercial real estate capital markets adviser George Smith Partners secured $40.7M of structured financing for a new 170-unit multifamily community in San Diego. The financing included $29M in construction financing and $11.7M in mezzanine financing. George Smith Partners Principal and Managing Director Malcolm Davies and Senior Vice President Michael Anderson Mitterling, along with GSP’s Zachary Streit, Kyle Howerton and Alex Rossinsky, sourced the financing.
