This Week's LA Deal Sheet
The Hollywood Arts Collective's Cicely Tyson Residential Building, a 152-unit tax credit community, has officially opened on Hollywood and Schrader boulevards in Hollywood. Thomas Safran & Associates developed the building in partnership with the Entertainment Community Fund, formerly known as The Actors Fund.
The property is dedicated primarily to low-income creative professionals and artists — actors, artists, and musicians — and is the first affordable housing project in the city of that kind, the ECF said. It offers studio, one-, two-, and three-bedroom units and is accepting applications for accessible units only.
PEOPLE
Finance veteran Zachary Streit has launched Priority Capital Advisory, a boutique debt and equity capital advisor for middle market and institutional commercial real estate developers, owners, and investors. The Century City-based firm specializes in arranging highly structured and innovative finance solutions for all commercial property sectors. Streit, PCA’s president, will oversee a team of five and plans to grow rapidly.
Streit has executed over $5B in equity and debt financings over the course of his 20-year career. Prior to founding PCA, Streit spent time as the co-founder and managing partner at WAY Capital and as a senior vice president at George Smith Partners.
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Suffolk has promoted Jim Stanley to executive vice president and division manager of Suffolk Los Angeles. Stanley will lead the continued expansion of the company’s presence, especially in aviation, higher education, affordable housing and hospitality. Stanley has been at Suffolk for 16 years.
SALES
Atlanta-based Core5 Industrial Partners sold the 49K SF Arrow Business Center in Rancho Cucamonga to JC United Investments. The project was a joint venture between Core5 and MBK Industrial Properties. Arrow Business Center completed construction in March 2024 and will be owner-occupied.
The property sits on 2.35 acres and features 32-foot ceiling heights, five dock-high doors, five trailer parking positions, one drive-in door and 145-foot truck court depth. Core5 was represented in the sale by KW Managing Director David J. Neault. A sale price wasn't disclosed.
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CBRE has sold two six-unit multifamily properties in San Clemente to individual private investors for a combined sale price of approximately $5.5M.
CBRE’s Executive Vice President Dan Blackwell, First Vice President Mike O’Neill and Associate Amanda Fielder represented both the buyers and the same seller in the two transactions.
In the first transaction, Blackwell, O’Neill and Fielder represented the private buyer from San Clemente and the San Diego County-based seller in the sale of a six-unit, 3K SF apartment building at 306 Cazador Lane in San Clemente. The property sold for $2.8M and is a half-mile from the beach.
In the second transaction, Blackwell, O’Neill and Fielder represented the buyer, a private buyer from Newport Beach, and the seller in the sale of a six-unit, two-story multifamily property at 239 Avenida Pelayo in San Clemente for $2.7M. The property is less than a quarter-mile from the beach.
LEASES
Transwestern Real Estate Services brokered a 14K SF lease for Abell Auction Co. at 6620 Telegraph Road in Commerce. Abell will use the new location as a showroom but will also conduct auctions at the space and use it as additional storage for its collection of fine art and antiques.
Transwestern’s J.D. DeRosa represented Abell Auction in the transaction. Founded in 1916, Abell is the oldest auction house in California and remains family-operated in its fourth generation.
FINANCING
JLL Capital Markets arranged an $82.5M refinance for Sunroad Centrum Office Tower, an 11-story, 255K SF, Class-A office building in San Diego. JLL worked on behalf of the borrower, Sunroad Enterprises, to secure the five-year, fixed-rate senior loan through Goldman Sachs. At closing the building was 100% leased.
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Gantry secured a $4.3M permanent loan to refinance the Parkside La Palma Apartments at 1000 East La Palma Ave. in Anaheim. The garden-style complex was built in 1973 and features 79 units in studio, one- and two-bedroom floorplans.
Gantry principal George Mitsanas, director Stefan Malmlund and associate Keegan Bridges represented the borrower, a private real estate investor. The 10-year loan was secured from one of Gantry’s life company correspondent lenders at a fixed rate reflecting a low leverage request. Gantry will service the loan.
UPDATE, MAY 30, 2:20 P.M. PT: This story has been updated with the name of the developer of the Hollywood Arts Collective's Cicely Tyson Residential Building.
