This Week's LA Deal Sheet: $88.5M Marina Del Rey Hotel Refinance
CBRE secured a $88.5M floating-rate loan on behalf of Hardage Hospitality, the developer behind the 288-room Courtyard & Residence Inn Marina Del Rey at 4360 Via Marina. The loan will be used to refinance a maturing mortgage on the property, Commercial Observer reported. Beach Point Capital provided the debt for the deal.
Hospitality veteran Hardage has experience developing, managing and franchising 25 hotels across 13 states, CO reported.
PEOPLE
Newmark hired Vince Punzi and Lowell Takahashi as executive managing directors in the Irvine office. With nearly 40 years of experience as commercial real estate debt financing professionals, the two will focus on multifamily debt placement and structured finance, further expanding Newmark’s debt advisory services in Southern California.
Punzi and Takahashi join Newmark from Berkadia. Since late 2019, the two originated financing opportunities across Fannie Mae, Freddie Mac, FHA, debt funds, banks and life insurance company transactions. Punzi and Takahashi both previously worked at Capital One, and Takahashi also spent nearly five years at Fannie Mae, where he led the Western Region Credit Team.
SALES
The San Diego Association of Governments sold two freestanding industrial buildings at 5965 and 5975 Santa Fe St. in San Diego to Parallel Capital Partners for $14.5M. The transaction is the first time the building has been available on the open market. The project was vacant at the close of escrow. Karl Strauss Brewing Co. and SANDAG previously occupied the property.
CBRE's Matt Carlson, Hunter Rowe, Camille Doan, Brian Hutcherson, Barbara Perrier, Mike Longo, Joe Cesta and Eric Cox advised the sellers.
LEASES
Lincoln Property Co. leased an entire 158K SF, Class-A, industrial corporate headquarters property at 2081 Faraday Ave. in Carlsbad. The industrial facility, which includes a mix of warehouse and flex research and design space, was leased long-term by an undisclosed tenant, according to Cushman & Wakefield, which announced the lease. Cushman & Wakefield’s Aric Starck and Drew Dodds represented the landlord in the transaction.
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NAI Capital Commercial Vice President Jared Swedelson represented the landlord in two creative flex office space leases totaling approximately 14K SF. Both leases were finalized on a long-term basis before the spaces were vacated.
Los Angeles-based Canyon Creative Design will occupy the two leased spaces, housed in adjacent buildings at 6165 and 6121 Santa Monica Blvd. in the Hollywood Studio District, which they plan to use to house their expanding business.
FINANCING
NNC Apartment Ventures is refinancing The Arbor Park Apartments, a 260-unit, garden-style apartment complex at 859 N. Mountain Ave. in Upland.
Berkadia Senior Managing Director Allan Freedman secured $46.8M in refinancing on behalf of NNC Apartment Ventures. The deal closed on Oct. 31. The seven-year loan featured a 4.6% interest rate and a 65% loan-to-value ratio.
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JLL Capital Markets arranged the $12.5M senior financing of Culver Theater, a 41K SF movie theater in Culver City. JLL represented the borrower, Oliver McMillan LLC, and secured the five-year fixed-rate loan through Zions Capital Markets. The Culver Theater, situated at 9500 Culver Blvd., occupies a strategic position across from Culver Studios, where Amazon operates over 530K SF of film and TV production space.
