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10/05/22
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Sandstone Properties Inc has obtained a $28 mil loan to refinance an existing loan and to finance the pre-development of a 35-story multifamily development and four-story hotel conversion in Woodland Hills. The loan was provided by Parkview Financial.
The 4.7-acre redevelopment site currently consists of a three-story, 128.6k sf, Class B multi-tenant office building and 457 surface and structured parking spaces. The property is located at 6400 Canoga Ave in the western San Fernando Valley.
Sandstone Properties acquired the asset in February 2018 and has since obtained entitlements to develop a 650-unit, 35-story high-rise apartment building on the location of the existing parking structure. The entitlements also allow for the 10k sf expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel.
“Although downtown Woodland Hills has seen a surge in the development of mid-rise apartments over the past few years, a high-rise tower and a luxury hotel don’t currently exist,” commented Paul Rahimian, CEO and Founder of Parkview Financial. “We believe this project will provide much-needed housing and lodging space that will enhance the area.”
Downtown Woodland Hills is currently experiencing a revitalization around a 2035 master plan for the area. A former mall located near the asset as well as an adjacent office building have been purchased by the owner of the Los Angeles Rams, Stan Kroenke. It been widely reported and speculated that this will house a practice facility for the Los Angeles Rams, as well as new office and multifamily.
The architect for 6400 Canoga Avenue is WATG (Wimberly, Allison, Tong & Goo) with offices in London, Singapore, Istanbul, Honolulu, Irvine, Los Angeles, New York, Seattle, and Chicago. The interior design is being done by EDG Design, a global hospitality design and branding studio headquartered in the Bay Area. A general contractor has not yet been named.
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