The LA Deal Sheet
On behalf of Beverly Hills-based developer G.H. Palmer Associates, NorthMarq Capital has arranged and secured $114M in financing for the refinancing of three multifamily properties totaling 799 units in Canyon Country in the northern part of Los Angeles County.
NorthMarq arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program that allows borrowers to secure better pricing to finance energy and water improvements on multifamily properties. Each property was structured with a 10-year, interest-only term.
NorthMarq’s Ory Schwartz secured the financing for G.H. Palmer Associates.
“G.H. Palmer timed these cash out refinances perfectly. We were able to rate lock at application at sub 4% interest rates,” Schwartz said in a news release. “The new full term interest only loans paid off existing bond financing, Freddie Mac supplemental loans and provided substantial cash out.”
These are the three properties in Canyon Country that were refinanced:
- Canyon Country Villas, a 328-unit multifamily property at 26741 North Isabella Parkway, received refinancing of $46.09M.
- Sand Canyon Villas, a 215-unit multifamily property at 28923 North Prairie Lane, received refinancing of $34.98M.
- Diamond Park, a 256-unit multifamily property at 27490 Solamint Road, received refinancing of $33.05M.
SALES
Stanley A Sirott, a private investor, has purchased a 20-unit apartment building in Glendale from an undisclosed family trust for $8M. The Belmont apartments at 210-213 North Belmont St. closed at a 3% cap rate. Lee & Associates’ Warren Berzack and Slavic Zlatkin represented the buyer and seller.
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CenterPoint Properties has acquired a 93,818 SF industrial building in City of Industry from a private seller for an undisclosed price. The industrial building is on 6.18 acres at 13260-13280 East Amar Road. CenterPoint plans to invest $2.5M in renovations to upgrade the asset and lease it to a distribution tenant, according to the brokers. DAUM Commercial Real Estate Services’ Rudy Lara and Nathan Lara represented the buyer and have been retained as the exclusive listing agents for the property.
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Cardiff Mason Development has sold two self-storage properties totaling 158K SF in Los Angeles and Houston to a private investor for an undisclosed price. One of the self-storage properties is at 11820 West Olympic Blvd. in West Los Angeles. The other is at 5321 Richmond Ave. in Houston. Cushman & Wakefield’s Greg Wells and JLL’s Steve Mellon and Brian Somoza represented the seller.
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Capital Insight has acquired a 1.27-acre vacant lot in Los Angeles from a private seller for an undisclosed price. Capital Insight plans to develop a 61K SF medical office building on the lot at 3965 East Olympic Blvd. SharpLine Commercial Partners' Barbara Armendariz represented the seller. Capital Insight represented itself. SharpLine is also handling the leasing for the medical office building, which is expected to complete in fall of 2020.
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A private investor has purchased a 10-unit apartment building in West Hollywood from an undisclosed seller for $3.1M. Built in 1959, the property sits on a 6,500 SF lot at 924 North Stanley Ave. Marcus & Millichap's Richard J. Ringer and Jeff Benson represented the buyer and seller.
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An undisclosed limited liability company has purchased a 12-unit apartment building in West Hollywood from a private seller for $4M. Built in 1958, the two-story apartment building sits on a 6,100 SF lot at 1001 North Orange Grove Ave. Marcus & Millichap's Richard J. Ringer and Jeff Benson represented the buyer and seller.
FINANCING
On behalf of Wilshire Skyline, HFF has secured $25M in financing for The Line Lofts, a newly completed 82-unit multifamily community in Hollywood. HFF arranged the 10-year, 4.45% fixed-rate loan through a correspondent life insurance company. The Line Lofts is located at 1737 North Las Palmas Ave.
EXECUTIVE NEWS
Transwestern Development Co. has tabbed commercial real estate veterans Stephen Batcheller as a regional partner and John Thomas as managing partner. Batcheller will be responsible for expanding the company’s operations along the West Coast and oversee the its logistics operations. Thomas will lead the company’s national Logistics Group. Prior to joining Transwestern, Batcheller served as a partner at Panattoni Development. Thomas recently served as a senior managing director at CBRE Global Investors.
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Charles Dunn Co. has named Kim Hillman as managing director at the company’s downtown Los Angeles office. Hillman will focus on sales and leasing of industrial and office property with a focus on the South Bay, San Gabriel Valley and Inland Empire markets. She will also work on new business development and expanding the firm’s market share for the office sector in the South Bay. Hillman previously served as a vice president at Colliers International.
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Land use and transactional law veteran John Whitaker has joined Cox, Castle & Nicholson LLP as a partner. Whitaker, who has more than four decades of legal experience working within the commercial real estate industry, will join the firm’s land use practice group. Whitaker previously served as a partner and senior counsel at DLA Piper.
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CBRE has hired commercial real estate veteran Josh Hayes as a senior vice president. Hayes will help expand the company's land acquisition development team. He specializes in industrial projects in the Inland Empire and Los Angeles County. Prior to joining CBRE, Hayes was a senior vice president at Colliers International.
