George Smith Partners has arranged $60M in ground-up construction financing for a mixed-use development called The Q East at 6219 De Soto Ave. in Woodland Hills.
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George Smith Partners’ Steve Bram, David Pascale and Huber Bongolan Jr. arranged the ground-up construction financing on behalf of California Home Builders.
The Q East will consist of 34,139 SF of retail space and 241 luxury apartment units.
“The Q East will be the first to provide Woodland Hills residents with a luxury apartment option in the affluent Los Angeles suburb,” Bram said in a press release. “Although there are a large number of luxury multifamily projects being developed throughout Southern California, there are virtually none of this quality in the Woodland Hills submarket.”
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LEASES
Principal Real Estate Investors has tabbed CBRE for the lease assignment for a 1.9M SF industrial portfolio in the San Gabriel Valley. The industrial lot is composed of 15 buildings ranging from 24K to 260K SF. CBRE’s Jason Chao and Lynn Knox will represent the space.
SALES
Coldwell Banker Commercial announced the sale of an 18-unit mixed-use condominium called Millard Place at 1968 North Lake Ave. in Altadena for $9.3M. Coldwell Banker Commercial’s Tom Jonsson, Jonathan Nikfarjam, Will James, Bill Ukropina and Colleen Carey represented the undisclosed seller. Jonsson, Nikfarjam and James also represented the buyer, an out-of-state private investor.
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Genesis KC Development LLC, a subsidiary of HealthCare Partners LLC, has purchased a 64K SF medical office at 420 West Rowland St. in Covina from Procto Inc. for an undisclosed amount. Newmark Knight Frank’s Drew Sanden, Taylor Ing and Scott Maples represented the seller.
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Investment Real Estate Associates has announced the sale of The Nordhoff Forty One, a 41-unit multifamily building at 14668 Nordhoff St. in Panorama City for $9.7M. Investment Real Estate Associates' Matt Sillaman, Chris Thompson and David Leibowitz represented the undisclosed buyer and seller.
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EXECUTIVE NEWS
Jason Purvis has joined Granite Properties as senior managing director for Southern California. Prior to joining, Purvis served as a regional vice president at the Irvine Co. Purvis will be responsible for acquisitions, leasing, development and market positioning.
Granite Properties’ Senior Managing Director Tom Miller will retire effective Dec. 31. Miller joined the company in 2011 and has contributed to the growth of Granite. He will pursue a career in faith-based nonprofit work, the company said.
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Adam Fisher will join JLL as vice president of retail leasing. Fisher, who has 15 years of experience in retail real estate, will be responsible for supporting the company’s retailer clients with local, regional and national leasing requirements.
FINANCING
San Mateo-based Redwood Mortgage closed a $1.75M cash-out refinance loan on a 10,152 SF medical office building in Los Angeles. Redwood Mortgage officials said the first-position loan enabled both debt consolidation and the paying off of certain obligations. The borrower showed a strong financial statement to support a 62.5% loan-to-value, according to the company.
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