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January 24, 2021
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San Fernando Valley Res Development Lands $82 Mil in Financing


A joint venture between Gelt and Uhon Inc has obtained new financing of $82.2 mil on The Watermark, a soon-to-be-delivered, 250-unit multifamily building located in the San Fernando Valley community of Reseda. The loan was originated by Square Mile Capital Management LLC.

The venture began construction of the property, located on the corner of Reseda Blvd and Kittridge St, in 2017 and expects to commence leasing in the first quarter of 2021. The development benefits from its location directly to the northwest of the intersection of I-405 and 101. It is 2.3 miles from the Providence Cedars-Sinai Tarzana Medical Center, a $540 mil redevelopment and expansion to the existing Tarzana medical campus that will be completed in 2022.

According to Square Mile Capital Principal Tom Burns, The Watermark is one of the first new multifamily deliveries in the Reseda submarket in almost a decade. He noted that the San Fernando Valley has historically had one of the lowest vacancy rates in the Los Angeles metro.

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