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11/21/24
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Bonnani Development has obtained $108.38 mil in total capital for the VRV, their recently completed, 300-unit luxury apartment property in the OC city of Stanton. The financing was arranged by BWE and includes an $88.38 mil senior loan from Freddie Mac and a $20 mil preferred equity contribution, from an institutional equity fund.
The VRV is a luxury apartment building featuring a mix of studio, one- and two-bedroom floor plans with ground floor retail on a 3.75-acre site. The community boasts a resort-style pool and spa with BBQ areas, poolside lounge with hanging day beds, two-level fitness center with yoga lawn, golf swing bay & lounge, chef’s kitchen & clubhouse lounge, rooftop lounge, remote work business center, dog wash and run, electric car charging stalls, future ground floor specialty market, and a mail room with parcel lockers and storage.
The units feature premium finishes, including designer-curated color combinations, patio/balcony spaces, stainless steel kitchen appliances, kitchen islands, vaulted ceilings and large windows, spacious closets and dual vanities. The community is located at 12736 Beach Blvd, along the highly trafficked Beach Blvd, which is traveled by 70,000+ cars per day, and within 0.5 miles from the 22 Fwy, which is traveled by 185,000+ cars per day.
BWE’s Tom Kenny and Alex Gregoire, vice president arranged the transaction. The non-recourse agency loan features a five-year, fixed-rate term with interest-only payments at a 4.96% interest rate.
“This transaction involved a recapitalization that enabled a major paydown of the prior equity partner, while allowing the sponsor to rate lock early (during the lease-up process) thus capturing an attractive interest rate prior to the recent run-up in Treasuries,” said Kenny.
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