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June 13, 2024
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Commercial Real Estate Financing Briefs


GORTIKOV CAPITAL - Bryan Gortikov with Gortikov Capital arranged a $50.25 mil recapitalization of Luxe Villas, a 59-unit, mid-rise Class A multifamily building located in Brentwood, on behalf of WS Communities LLC. The recapitalization included a $45 mil senior loan and a $5.25 mil preferred equity investment. Originally developed in 2006, Luxe Villas consists of both furnished and unfurnished one- and two-bedroom units featuring top-of-the-line amenities and premium apartment finishes, including expansive glass windows, hardwood-style floors, in-unit washers and dryers, and top-of-the-line Frigidaire appliances. Community amenities include a well-appointed gym and a roof deck and barbecue area with expansive views of West Los Angeles and the Pacific Ocean. Luxe Villas is situated in the heart of Brentwood, less than a mile from the 405 and 10 freeways one mile from UCLA and Santa Monica College. The location provides convenient access to the shops and restaurants of San Vicente Boulevard, just a short walk north. The three-year, floating rate senior bridge loan was funded through a US-based debt fund. The preferred equity was directly provided by Gortikov Capital. A portion of the financing will be reserved to extensively renovate unit interiors and common areas of the property.

TALONVEST CAPITAL INC - Jim Davies, Tom Sherlock, Erich Pryor, David DiRienzo and Thalia Tovar with Talonvest Capital structured a $41.35 mil construction loan for the development of a 133.8k sf, Class A, state-of-the-art self-storage property in San Gabriel. When complete, the six-story with basement facility will include 1,500 climate-controlled units in an infill Greater Los Angeles area location. The property benefits from excellent visibility and easy access on a primary arterial roadway connecting the I-10 and I-210 Freeways. Additionally, the surrounding dense residential developments and retail destinations within a high-demand, underserved, storage market bode well for the success of this development.

CBRE CAPITAL MARKETS DEBT & STRUCTURED FINANCE - Mark McGovern, Scott Peterson and Colby Matzke with CBRE Capital Markets Debt & Structured Finance secured $14.89 mil in financing on behalf of Cruzan and Rialto for the financing of an eight-property industrial portfolio totaling 101.2k sf in Southern California. The three-year floating-rate loan was funded through Western Alliance Bank. The portfolio consists of eight buildings and 10 tenants across the Inland Empire MSA. All eight properties are 100% leased with an average lease term of 4.3 years. The portfolio is located in Chino, Jurupa Valley, Ontario, Rancho Cucamonga and Rialto.

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