Investments Continue To Pour Into Newhall In Santa Clarita Valley
Newport Beach-based Buchanan Street Partners has closed a $20.8M construction loan to a developer for Newhall Crossings, a mixed-use project in downtown Newhall in the Santa Clarita Valley.
Buchanan officials did not disclose the name of the developer, but multiple media outlets have previously reported the developer of the project is Serrano Development.
An email to Serrano Development was not returned Monday night. A spokesperson for Buchanan said the company could not divulge the name of the developer.
Buchanan Street’s loan for the highly anticipated development highlights the ongoing investments in Santa Clarita, the fourth-largest city in Los Angeles County and about a 45-mile drive north of downtown Los Angeles.
Newhall Crossings is at the intersection of Main Street and Lyons Avenue in Old Town Newhall. The mixed-use development will consist of 47 apartment units and 20,164 SF of retail space. It is part of a larger development in the area that includes a Laemmle Theatre and a five-story parking structure.
“Newhall is truly coming into its own as a suburban market yet with a ‘new urban’ look and feel in its downtown area,” Buchanan Street Partners Vice President Matthew Doerr said in a press release.
“Millennial demographic trends point to increasing demand for an urban lifestyle in a suburban location, and given its proximity to the Newhall Metrolink Station, we think Old Town Newhall is poised to capitalize on that opportunity,” Doerr said.
In September, housing developer FivePoint Communities settled with an environmental group to push ahead with its $13B, 21,500-home Newhall Ranch project. If fully built and filled out, in the next several years it could bring in 60,000 more residents to the area.
Doerr said the area’s growth was one of the strong factors influencing the company's decision to finance Newhall Crossings.
Buchanan Street provided a 77% loan-to-cost, nonrecourse construction loan for Newhall Crossings.
JLL’s Brian Halpern and Alex Kane arranged the financing for Buchanan Street.