Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/873170
C A L I F O R N I A & H A WA I I 22 • September 2017 • Western Real Estate Business www.REBusinessOnline.com DOUGLAS EMMETT RECEIVES $550 MILLION REFINANCE IN LOS ANGELES LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, quali- fied for Fannie Mae's Delegated Un- derwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae's Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improve- ments allowed the borrower to secure extremely competitive loan terms while ensuring more sustainable op- erations and cost savings for years to come. The four interest-only loans were closed by Walker & Dunlop. LOWE, AECOM CAPITAL, ROCKWOOD CAPITAL START CONSTRUCTION ON $300 MILLION MIXED-USE DEVELOPMENT CULVER CITY, CALIF. — Lowe, AE- COM Capital and Rockwood Capital have begun construction on Ivy Sta- tion, a transit-oriented mixed-use de- velopment adjacent to the Culver City Station of the Los Angeles Metro Expo light-rail line in Culver City. Situated on 5.2 acres, the develop- ment will feature 200 apartments, 55,000 square feet of ground-floor re- tail and restaurant space, a 148-room boutique hotel and a 200,000-square- foot office building. Additionally, the project will feature 1,500 space of be- low-grade parking, 300 of which will be dedicated for use by metro riders. Killefer Flammang Architects and EYRC are providing architectural ser- vices for the project, which is slated for completion in fall 2019. Bernards is serving as general contractor for the development. GRANDBRIDGE REAL ESTATE CAPITAL ARRANGES $90 MILLION LOAN FOR SAN FRANCISCO APARTMENT COMPLEX SAN FRANCISCO — Grandbridge Real Estate Capital has arranged a $90 million refinance for the 414-unit South Beach Marina Apartments in San Francisco. The community is lo- cated at 2 Townsend Street in the South of Market (SOMA) neighbor- hood. South Beach was built in 1989. It features 4,708 square feet of ground- floor retail that is currently occupied by two restaurants and a salon. Com- munity amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, land- scaped courtyard, outdoor pool and spa and fitness center. The permanent, fixed-rate refinance loan was funded through one of Grandbridge's insurance correspon- dents and structured with a 12-year, interest-only term. The borrower is a state pension fund advised by L&B; Realty. RED STONE PARTNERS ARRANGES $18.8 MILLION IN BONDS TO PRESERVE THREE AFFORDABLE COMMUNITIES LOS ANGELES — Red Stone Tax-Ex- empt Funding LLC recently provided $18.8 million in bond financing to BlueGreen Preservation and Devel- opment. The tax-exempt bonds will be used to acquire and rehabilitate a 90-unit portfolio of affordable seniors housing properties in the Los Angeles metro area. The properties acquired are Pacific Rim Apartments, Rancho Del Valle and Maple Park Apartments. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the long-term affordability of the communities for the low-income seniors. The rehabilitation budget for the properties is more than $35,000 per unit. BlueGreen is a California-based company that develops and preserves affordable housing. Southern California most Important Regional Hub for Trucking, logistics, Housing & Retail Opportunities. The Right ty at the Right Time The scal Times ranking of U.S. Cities with populations over 200,000: #1 Irvine, CA #2 Fontana, CA #9 Washington, DC #29 Las Vegas, NV #115 New York, NY FONTANA CALIFORNIA Come See Us in L os A ngeles ICSC W estern Conference Booth 5 37 October 3 – 4, 2017 Jerry Edgett • (909) 350-6741 jedgett@fntana.org • www.fntana.org