This Week's LA Deal Sheet

LaTerra Development and Clarion Partners secured a $90M refinance for The Louise, a newly completed apartment and retail property on Hollywood Boulevard in Los Feliz next to Barnsdall Art Park. Cushman & Wakefield’s equity, debt and structured finance team of Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrowers in the transaction. PGIM Real Estate provided the financing. The Louise contains 246 apartments and about 20K SF of street-level retail. 

PGIM also provided a $53.5M floating-rate bridge loan to LaTerra for The Charlie, a three-building, 99-unit Santa Monica project with almost 21K SF of ground-level retail. The borrower will use the bridge financing to replace existing construction loans during lease-up and stabilization of both properties, PGIM said in a release. 

PEOPLE

Birtcher Development appointed Brooke Birtcher Gustafson as president. Birtcher Gustafson began working for the family company in 2007 and has served as managing director since 2017.

Birtcher Gustafson is leading Birtcher’s West Coast alternative investment opportunities, including those in industrial outdoor storage and third-party asset management. This year, Gustafson also negotiated and closed the firm’s largest construction loan in the last two decades. 

Birtcher Gustafson is the first woman to be president of the company. Her father, Brandon Birtcher, is CEO.  

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Primestor Development appointed Lonnie Vidaurri as its chief investment officer. Vidaurri will spearhead the firm’s acquisition and development reach throughout the western United States. He will be responsible for identifying, sourcing and closing development and redevelopment opportunities and sourcing and securing required debt or equity. 

Vidaurri has more than 25 years of experience and has held leadership positions at Ladder Capital, OneWest Bank, Barclays Capital and Lehman Brothers. He will be based out of Primestor’s LA headquarters.

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Kearny Real Estate Co. announced that Hoonie Kang was promoted to managing partner. Kang will oversee the day-to-day operations. Kang joined the firm in 2001 and has overseen the acquisition and redevelopment of about 4M SF of office and industrial space as well as the acquisition and disposition of $500M of nonperforming loans. Most recently, Kang led the development and sale of Torrance Industrial Exchange, a 430K SF industrial project on 20 acres Kearny acquired in 2019 from PBF Refinery.   

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Stream Realty hired Shane Flanigan as managing director of property management. Flanigan is responsible for day-to-day oversight of Stream’s Southern California property management team. Flanigan previously served as regional vice president at RiverRock Real Estate Group in Newport Beach, where he spent more than six years leading portfolio operations and business development across Southern California.

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Avison Young has added Patricia Perman as a principal and director of industrial client operations. Perman will lead AY’s industrial business operations and continue to grow its client base. Perman recently served as senior vice president of operations at JLL, where she managed daily operations for its industrial business nationally.

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Stacy Garcia and Mark Gardner joined Cresa in Orange County as principals. They have worked together as business partners for more than 20 years. TCA Architects, Slalom Consulting and REAN Optics are among their clients. Garcia and Gardner were previously at Stream Realty. 

SALES

MIG Real Estate purchased Waterleaf, a 456-unit apartment complex in Vista. MIG purchased the property for $174M, or $381K per unit. The Walker & Dunlop investment sales team led by Hunter Combs represented the seller, MG Properties Group and MIG Real Estate. The buyer was able to assume the loan in place at the property. 

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Cypress Real Estate Advisors sold the 79-unit MetWest on Sunset apartment complex on Sunset Boulevard in Hollywood for roughly $27M, The Real Deal and CoStar reported. The buyer was LA-based Winstar Properties. The sale represents a 28% discount on the property, which Cypress Equities bought in 2019 for $38M. 

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CBRE negotiated the sale of 1300 Avenida Vista Hermosa, an approximately 28K SF Class-A medical office building in San Clemente at $436 per SF, a 6.93% cap rate. A Southern California-based high net worth individual bought the property, which was built in 2002. The two-story building is 92% occupied. 

CBRE’s Gary Stache, Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Nick Williams represented the private seller.

LEASES

The Klabin Co./CORFAC International negotiated a multiyear sublease for HHM International at a transportation yard at 14521 Avalon Blvd. in Gardena. The Klabin Co.’s Tyler Rollema and Matt Stringfellow represented logistics firm HHM International. HHM is subleasing the land from Corridor Recycling Inc. The 47-month sublease for the approximately 82K SF parcel is valued at $4M.

CONSTRUCTION AND DEVELOPMENT

Perkins & Will announced the completion of the Friese Family Tower, a five-story, 200K SF patient facility at the Providence Cedars-Sinai Tarzana Medical Center in Tarzana. In 2015, Perkins & Will submitted a master plan for the Tarzana Reimaged project, which officially launched two years later at 18321 Clark St. in Tarzana. The firm is the design architect for the project, working with McCarthy Building Cos. as contractor. 

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Stockdale Capital Partners announced a new medical office and life sciences project at 656 South San Vicente Blvd. The 12-story project will be built to LEED Gold specifications and hold 145K SF of Class-A medical office and life sciences space. Core and shell completion is anticipated in October 2026. CBRE’s Angie Weber and Dana Nialis will oversee leasing. 

FINANCING

Community Corporation of Santa Monica and West Hollywood Community Housing Corp. were chosen by the Department of the Treasury to receive $4M for a revolving loan fund to support affordable housing pre-development expenses. The two organizations applied together to maximize the opportunity. The money comes from the Treasury Department's Community Development Financial Institutions Fund.

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CBRE secured $99.4M in construction financing and preferred equity for the development of Ion Aero, a 302-unit apartment complex at 8555 Aero Drive in San Diego. Apartments will range from studios to three-bedroom units and have access to a pool, a yoga studio and a dog run. 

Bill Chiles, Scott Peterson and Morgon Fraser of CBRE's debt and structured finance team in San Diego secured the three-year, 75% loan-to-cost construction loan for the San Diego-based developer AAA Management.