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8/21/25
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BWE – Mike Guterman with BWE secured $43.4 mil in acquisition financing for Villa Del Mar, a 198-unit, four-building, three-story luxury apartment community along with 209 adjacent marina boat slips located in Marina del Rey. Initially constructed in 1972, Villa Del Mar consists of four three-story apartment buildings over at-grade parking, a five-story parking structure, and a 209-slip Marina. The property contains 198 units in large one- and two-bedroom arrangements, 209 boat slips, and 645 parking spots with 1.5k sf of frontage on the marina. The units feature amenities such as hardwood-style floors, marina-view balconies, and in-unit washer/dryers, while residents can enjoy a wide range of top-tier amenities on the property, including a custom-designed clubhouse, state-of-the-art fitness center, pool and spa, basketball and tennis courts, and barbecue areas. Villa Del Mar is subject to a ground lease with the County of Los Angeles, which was recently extended in 2014. As part of the extension, the property’s previous ownership completed $27 mil in renovations in 2017, while VDM Partners will conduct approximately $8.5 mil in renovations to the marina boat slips by 2029 as required by the lease. The loan, which features a 70% LTP ratio, has a five-year fixed term with prepayment flexibility and two years of interest-only payments.
5001 Convict Hill Rd, Austin, TX (Photo: Austin 360 Photography) |
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MESA WEST CAPITAL -- Mesa West Capital has provided DreamField Capital (DreamField) with $23.4 mil in first mortgage debt for its acquisition of a 200-unit multifamily community in Austin, TX. The five-year loan is secured by Nichols Park, a 1980s vintage community located at 5001 Convict Hill Rd in the West Oak Hill neighborhood of Southwest Austin. The property, which features a mix of one- and two-bedroom apartment homes, was 96% occupied at closing. Amenities include a community lounge and coffee bar, a barbecue and picnic pavilion, a swimming pool with poolside cabanas, a basketball court, and a dog park. With only three of the 200 apartment homes recently renovated, DreamField plans to implement a full-scale renovation of the remaining classic-condition units. Mesa West’s team was led by Brian Hirsh, Hoony Shin and JJ McMahon. A portion of the loan proceeds will be allocated toward upgrading unit interiors, including the installation of vinyl plank flooring, resurfaced cabinetry, solid surface countertops, and modernized fixtures and hardware.
JLL CAPITAL MARKETS -- Chris Collins, Brad Vansant and Emily Pohlman with JLL Capital Markets arranged a $20 mil refi loan for The Secret at K-Town, a 39-unit, Class A multifamily property located in Los Angeles' Koreatown neighborhood. The ownership, Jannone Development, plans to convert the building into for sale condominiums. The Secret at K-Town, located at 3050 W 11th St, features spacious residences in one of Los Angeles' most walkable neighborhoods, with a 94 Walk Score. The property offers easy access to the Metro Purple Line stations at Wilshire/Western and Wilshire/Normandie, allowing residents convenient connections to major employment centers including Downtown Los Angeles, Hollywood and the Westside. The neighborhood is renowned for its vibrant dining scene, cultural amenities and 24/7 urban lifestyle. The Secret at K-Town, completed in 2024, offers a mix of one-, two- and three-bedroom floor plans with luxury features including kitchen islands, pantries, balconies and in-unit laundry across its 46.6k sf. The property includes 78 parking spaces and modern finishes throughout. Originally designed as for-sale condominiums before pivoting to multifamily during construction, the property is now returning to its intended use as ownership units. Jannone Development plans to complete the condo conversion and sales process over approximately 18-24 months. The financing consists of a floating-rate conversion and sell-out loan with a private lender.
GANTRY -- Mike Wood and Tim Brown with Gantry arranged an $11 mil permanent loan to refinance a portfolio of Seattle area industrial properties located in Marysville, Tukwila, and Kent, WA. The four-building portfolio encompasses 124.6k sf and is 100% leased to multiple tenants. The 10-year loan was secured through a life company lender, on a behalf of a private investor, and includes full-term interest only at an attractive fixed rate reflecting strong debt service coverage.
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