This Week's LA Deal Sheet
Columbia Pacific Advisors Bridge Lending announced it provided a $27M construction completion bridge loan to recapitalize a hotel project at 1525 North Cahuenga Blvd. in Hollywood.
Columbia Pacific Advisors Senior Vice President of Real Estate Lending Eric Jordan said in a statement that with the rollback of coronavirus pandemic restrictions and travelers beginning to dive into vacationing again, the tourist- and locals-focused hotel project was poised to benefit. The hotel is expected to open at year’s end.
When complete, the Hyatt Hotel Nue will hold 64 guest rooms and include a ground-floor lobby and restaurant, rooftop bar, and a lounge and pool area. The hotel is owned by S3D Partners, a family-run business led by Jayesh Kumar. The group owns or maintains an interest in 12 other hotels in California and Texas.
The Hyatt Hotel Nue is a block east of where the Thompson and Tommie hotels, developed by Relevant Group, are under construction. Both are expected to be complete this summer.
Design firm LPA Design Studios has promoted Keith Hempel to chief design officer. Hempel will help guide the firm’s integrated design process and strengthen the connection between sustainability and design excellence. For the past two years, LPA has been the largest firm in the U.S. to meet the AIA’s 2030 Commitment by averaging more than a 70% reduction in predicted energy use in new projects.
LA-based Regent Properties announced it acquired a portfolio of four high-rise commercial office buildings in downtown San Diego for $420M. Further terms of the sale were not disclosed.
The properties at 1 Columbia Place, 701 B St., 2 Columbia Place and 707 Broadway have a combined 1.5M SF of commercial space — roughly 16% of all Class-A/B office inventory in downtown San Diego. The portfolio sale also included the 6th & A Parking Garage. The acquisition is Regent's first investment via Regent Opportunity Fund V.
Standard Communities led a public-private partnership to acquire The Link Apartments, a 143-unit complex at 3909 San Fernando Road in Glendale. The partnership brought together the California Statewide Communities Development Authority, Stifel, Nicolaus & Co., Faring and the city of Glendale, and used a public-private partnership structure designed to help create middle-income housing. The CSCDA Community Improvement Authority is the new owner of The Link. The total capitalization of this transaction is over $100M, Standard Communities said.
Affiliates of Harbor Group International announced the acquisition of Olive Ridge, a 220-unit, garden-style apartment complex in Pomona, for $46.75M. HGI purchased the property from a private seller. Pomona’s location at the intersection of main highways and close to a number of universities made the area and property attractive, HGI said.
CONSTRUCTION AND DEVELOPMENT
Nadel announced the completion of The Rise, a seven-story, 561K SF residential and creative office project in Hollywood. Nadel provided architectural services on the development; Rescore Property Corp. is the developer. The Rise, which sits just south of De Longpre Avenue on Cahuenga Boulevard, holds 369 apartments, 13 live-work units and about 2.5K SF of creative office space.
Nonprofit affordable housing developer Community Housing Opportunities Corp. was awarded $22.6M in financing to begin construction of the Coachella Valley Apartments. The development, which has a total cost of $35.3M, will replace 20 existing units and add 36 new units on nearly 3 acres at 84900 Bagdad Ave. in Coachella.
The project will include one-, two- and three-bedroom apartments and is expected to break ground in December. The award was announced by the California Tax Credit Allocation Committee, which oversees federal and state low-income housing tax credit programs. The majority of the remaining costs for the project come from an assortment of grants and county, city, and federal grants and loans.