This Week's LA Deal Sheet

Gortikov Capital secured a $49.5M refinance for Luxe Villas, an apartment complex in Brentwood.

Gortikov closed on a floating-rate senior bridge loan from an undisclosed U.S.-based debt fund. Gortikov Capital's Bryan Gortikov led the capital markets team representing the borrower. 

The 60-unit Luxe Villas was developed in 2005 and comprehensively renovated in 2023.

SALES

Trammell Crow Co. closed on a 4.78-acre site at the Northridge Fashion Center Mall and shared plans for a future residential development at the property developed by High Street Residential, TCC’s residential subsidiary. The 350-unit apartment building will break ground in early 2025 and is scheduled to deliver in 2027. It will rise five stories and wrap around an above-grade parking garage.

The sale was brokered by Northmarq’s Los Angeles multifamily investment sales team, including Mike Smith, Jim Fisher and Vince Norris.

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Staley Point Capital and Bain Capital Real Estate purchased a 78K SF industrial asset at 13450 Stowe Drive in Poway for $20M. The two companies acquired two industrial properties in Vista in April, making this their third San Diego County acquisition this year. 

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Matthews Real Estate Investment Services sourced an all-cash investor for the $13M acquisition of 2707 Beverly Blvd., an industrial warehouse near Downtown Los Angeles. Matthews’ Matt Sundberg represented the seller in the transaction alongside Jake Glaser of Lyon Stahl. The flex, single-tenant industrial space measures approximately 29K SF. The property is also entitled for a 119-unit mixed-use multifamily development.

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Cushman & Wakefield brokered the sale of Aerofund Financial Plaza, an approximately 49K SF multitenant office building at 4025 Camino del Rio S in San Diego’s Mission Valley neighborhood. The three-story building was 100% leased to nine tenants across a mix of industries and sizes. The property was acquired by CES Remington LLC, based near Chicago for $9.8M.    

Jeffrey Cole, Nico Napolitano, Mark Avilla and Brooks Campbell of Cushman & Wakefield’s capital markets and private capital groups in Southern California collaborated to represent the seller in the transaction. Voit Real Estate Services' Brandon Keith represented the buyer.

CONSTRUCTION AND DEVELOPMENT 

Bolour Associates secured the entitlements to build a new six-story apartment building at 1330 W. Sunset Blvd. in Echo Park. Bolour purchased the site in 2021. 

When complete, the building will include 86 studio, one- and two-bedroom apartment units and both street-level and underground parking. AFCO Design Inc. is the project’s executive architect, and Abramson Architects is the design architect.

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Thomas Safran & Associates is preparing to break ground on The Arlington, an 84-unit affordable and supportive housing project on Washington Boulevard set to open in 2025. The project at 3300 Washington Blvd. will rise on a former oil production site. 

The project was approved by the Los Angeles City Council in 2020 and has received financing from the Los Angeles Housing Department, the California Department of Housing & Community Development, the California Tax Credit Allocation and Debt Limit Allocation committees and the Department of Toxic Substances Control.

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FINANCING

CBRE Capital Markets’ debt and structured finance division secured $130M in construction financing for the development of East End Studios’ studio campus in the Downtown Los Angeles Arts District. The project, estimated to cost approximately $230M to build, is already under construction and expected to be completed by the end of 2025. A CBRE debt and structured finance team led by Greg Grant advised East End in the construction financing process and facilitated nonrecourse financing.

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Gantry facilitated a $10.7M construction loan for the development of a multifamily condominium project at 1411 N. Grove Ave. in Ontario. Gantry’s Tom Grzebinski, Stefan Malmlund and Zach Wagner represented the borrower, a private real estate investor. 

The project will encompass 28 for-sale townhomes across four buildings. Construction is set to begin this summer with completion expected by early 2026.

THIS AND THAT

Community HousingWorks has opened its first Riverside County project, Las Haciendas Apartments, in Temecula. Las Haciendas consists of 77 affordable residences, a mix of one-, two-, and three-bedroom apartments. The fully leased community is restricted to residents earning 30% to 60% of the area median income or less, which comes to approximately $28K to $56K per year for a family of four.