Walker & Dunlop Arranges $78M Financing For DTLA Apartments: The Los Angeles Deal Sheet
Waterton has secured $77.8M in financing arranged by Walker & Dunlop for its 293-unit apartment complex Olive DTLA in Downtown LA.
The Walker & Dunlop Capital Markets Real Estate Finance team led by Steve Carlson arranged the financing, which included a $66M refinance through Fannie Mae and $11.8M in preferred equity from Tokyu Land US Corp., the latter of which made this a “cash-neutral” refinancing, according to a release from W&D. The loan has a five-year, fixed-rate term.
PEOPLE
Progressive Real Estate Partners has promoted Roxanne Klein to senior vice president and Lance Mordachini to vice president.
Klein specializes in the leasing and sale of retail properties in the western Inland Empire, eastern San Gabriel Valley and northern Orange County. Mordachini is experienced in serving owners in the sale and acquisition of retail properties in the Inland Empire and San Gabriel Valley.
SALES
CBRE arranged the $43.3M sale of a 134K SF light industrial and manufacturing facility at 13100 Danielson St. in Poway in San Diego County.
The buyer was Realty Income.
CBRE’s Hunter Rowe, Brian Russell, Michael Longo and Matt Carlson represented the undisclosed seller in the transaction.
The property is on 7.2 acres along the Interstate 15 corridor. It is fully leased to an established manufacturer specializing in corrugated cardboard boxes and packaging solutions.
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Western Realco bought a fully entitled 12.14-acre industrial site on East Vermont Avenue in Anaheim for $40.7M. Western Realco plans to begin demolition and construction immediately to develop a 256K SF, Class-A industrial building on the property. Construction is expected to be completed in late 2027, according to a release from JLL.
JLL’s Zach Niles, Louis Tomaselli and Steve Wagner represented Western Realco and the seller, Rexford Industrial. JLL will also market the new development for lease or sale for Western Realco.
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Kurv Industrial, formerly known as Bridge Industrial, closed on a 19.5-acre property featuring a 348,230 SF industrial building in Irvine at 9750 Irvine Blvd. The property in the Irvine Spectrum operates as part of a larger business park. A sale price was not disclosed.
LEASES
Professional women’s soccer team Angel City Football Club has renewed its 14K SF office lease in Santa Monica at 3211 Olympic Blvd. and 1855 Centinela Ave.
The 65-month lease is within Media Park Santa Monica, a three-building, 100K SF office campus.
Mitch Stokes of Avison Young and Joe King of Madison Partners represented the landlord, Vista Investment Group. The football club was represented by CBRE’s Phil Ruhl and John Zanetos.
FINANCING
Affinius Capital secured a $144M construction loan for The Carina, a 408-unit apartment project in Santa Ana.
JLL represented Affinius Capital in securing the three-year, floating-rate loan through QuadReal.
Located at 2828 N. Main St., the project is adjacent to MainPlace, a mixed-use center in Orange County. Lowe is managing the development of The Carina.
JLL Capital Market’s Debt Advisory team was led by Jamie Kline, Charlie Vorsheck, Nick Englhard and Charlie Paul.
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Bridgeway Real Estate Partners and LBX Investments acquired Plaza Del Mar, a 120K SF office campus near San Diego for $43M, or $352 per SF.
Scott Peterson, Mark McGovern, Colby Matzke and Michael Kolcum of CBRE's debt and structured finance practice in San Diego secured the acquisition financing on behalf of Bridgeway and LBX. CBRE's Mike Hoeck, Chris Pascale and Ellycia Walker will oversee leasing the property at 12520 and 12526 High Bluff Drive.
