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11/25/16
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Decron Properties has refinanced two LA area properties – one a multifamily property and the other a grocery-anchored shopping center -- with new loans totaling $98 mil. The loans were arranged by Meridian Capital Group.
The larger deal was an $88 mil loan secured by the Playa Del Oro II multifamily property, which features 5k sf of retail space. The other transaction was a $10 mil loan secured by the 73k sf Playa Lincoln shopping center. Both properties are just a few blocks north of LAX in Westchester.
The 10-year loans, provided by a life insurance company, feature five years of interest-only payments and allowed the client to rate lock immediately upon the applications being executed, even though the larger of the two properties was still in lease-up. Both loans closed at the same rate and term and were not cross collateralized or cross defaulted. The transactions were negotiated by Meridian’s Seth Grossman and Sarah Kuebler, who are both based in the company’s Carlsbad office.
Playa Del Oro II and Playa Lincoln, located at 7280 West Manchester Avenue and 8701 Lincoln Boulevard, respectively, are comprised of 260 multifamily units and a combined 78k sf of retail space. The buildings are conveniently located at the gateway to Silicon Beach, a high-tech hub for innovation and media.
The large influx of well-paying technology companies has created a need for more luxury apartments in the immediate area. Residents enjoy beachfront access less than two miles from the properties, as well as spectacular water views from the western-facing units.
Playa Del Oro II, built ground-up by Decron and finalizing its initial lease-up to stabilization this fall, offers luxury rental apartments in a prime location with amenities, including ground floor retail and restaurants, a resort style pool and spa, a fitness center, a business center, lounge areas, a game room and multiple seated fire pits with outdoor cooking and congregating areas. Tenants enjoy close proximity to Playa Vista, shopping, dining and the Los Angeles International Airport.
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