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2/19/16
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Walker & Dunlop Inc recently closed three financing transactions totaling $77.15 mil for three condominium developments in Southern California. The loans were on the following properties: Element 436, located in LA’s Koreatown District; Enclave, located in Oxnard; and ONYX, located in the Beverly Hills/West Hollywood market.
“These three transactions demonstrate the strength of condominium developments as an emerging business plan in Southern California, as minimal construction of these property types has occurred since the recession of 2008,” stated Gabriel Weinert, senior vice president of Walker & Dunlop.
River Range LLC is the borrower for both Element 436 and Enclave. River Range’s business plan for Element 436 is to convert 74 newly constructed multifamily units into for-sale condominiums that will be released to the market this year. The new loan on Element 436 consists of high-leverage, non-recourse acquisition/construction financing from a family office-sponsored investment manager, in addition to limited partner equity from high net worth individuals.
The Enclave, a 45-unit oceanfront condominium development located in the Channel Island Harbor, is one of the premier housing products released to the Oxnard market in the last ten years, as there has been minimal construction in this submarket since pre-recession. The transaction consists of high LTC construction financing from a private equity fund along with equity.
The third deal consists of $15 mil in debt and equity on ONYX, a 14-unit condominium project in the Beverly Hills/West Hollywood submarket that is currently under construction and scheduled for units to be released in 14 months. It is owned by The Barkley Group.
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