This Week's LA Deal Sheet
Charles Dunn Co recently brokered the sale of a 36-unit apartment building in Winnetka for $186,111/unit. Bisnow caught up with Charles Dunn Co managing director Barry Rothstein to find out more.
Barry says the seller, a private, local investor, had owned the property for about 11 years and has a history of buying apartment buildings.
7255 Winnetka was the last apartment building the seller owned.
It made sense to sell it now because of the current seller’s market and he was able to "reach his desired purchase price, enter into a credit-tenant exchange and double his cash flow," according to Barry.
The 33-year-old property is two stories and includes a swimming pool, solar energy systems and large units.
Barry repped the seller and buyer in the off-market deal.
He says the buyer was attracted to the location and liked that the property was not subject to rent control and offered large units with patios and spacious balconies.
The buyer plans to remodel the units, increase rents and raise the overall value of the property, Barry says.
FINANCING
PSRS closed a $20.5M, 10-year fixed-rate loan for Cardinal Investments of El Segundo.
The property has three mixed‐use properties, consisting of office over retail in downtown Manhattan Beach near the pier.
The office space has floor-to-ceiling windows with views of the ocean.
One of the buildings was built as recently as last year.
PSRS loan officer Ted Willis arranged the financing with one of PSRS’s correspondent life companies.
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CityView just closed CityView Western Fund I, a $150M equity fund that will invest in multifamily housing in select Western and Southwestern markets.
The fund will focus on creating new multifamily housing developments and renovating existing buildings.
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Continental Funding Group secured $8.23M in financing for three Class-A industrial assets totaling 105k SF in the LA area.
The firm arranged a $4.48M loan to refinance two, single-tenant industrial properties in Valencia and Santa Ana.
Continental Funding Group director Eugene Rutenberg arranged the financing for both deals.
Continental Funding Group secured the non-recourse loan at a 10-year term, amortized over 30 years with a loan-to-value of 58%.
It also provided a $3.75M bridge loan to refinance a single-tenant industrial property in Van Nuys.
Continental Funding Group secured a non-recourse loan, offering the sponsor, a private owner and operator, two years of interest-only financing with no prepayment penalty and a sub-8% fixed rate, providing a competitive loan that lowered costs and ensured flexibility on behalf of the client.
SALES
Park Tower, 5150 Pacific Coast Highway in Long Beach, just sold to an entity controlled by Anaheim's Milan Capital Management.
An Investcorp affiliate purchased the 119,517 SF, seven-story Class-A office tower.
Cushman & Wakefield investment specialists Jeffrey Cole, Ed Hernandez and Nico Napolitano in the Irvine office repped the seller.
Cushman & Wakefield's Robert Garey, Bob Alperin and Kimball Wasick of the firm’s Long Beach office served as advisers.
Park Tower’s tenants include Childnet, Argus Medical Management, Omya/Lipscomb Chemical, Alpha Star and Roux Associates.
NEW CONSTRUCTION
Construction is underway on Cavalleri in Malibu.
The condos, being built by Pacific Eagle Holdings, will begin at less than $1M.
They will feature spa-like bathrooms and plenty of outdoor entertainment space.
A new sales gallery at the Malibu Lumber Yard is now open.
The condos are expected to be completed before the end of the year.
