The LA Deal Sheet
The Los Angeles office of NorthMarq Capital has arranged $251.54M in financing for a multifamily portfolio across Orange and Los Angeles counties.
The financing, done on behalf of owner Advanced Real Estate Services, was for the refinance of seven apartment communities and acquisition of the Stadium House apartment community. The eight apartment communities totaled 1,261 units, NorthMarq officials said in a news release.
The transaction was structured with 10-year, interest-only loans with an average interest rate of 4.2%. NorthMarq arranged financing for Advanced Real Estate Services through its relationship with Fannie Mae.
“The loans were all separate with no cross-collateralization,” said NorthMarq’s Executive Vice President and Managing Director Michael T. Elmore, who arranged the financing. “The seven refinance assets provided significant cash-out for future acquisitions by the sponsor. Stadium House was a purchase money loan for 60% of the acquisition cost.”
Elmore said Advanced and NorthMarq have completed nearly $2B in loans over the past 20 years.
The properties in the multifamily portfolio are in Orange and Los Angeles counties:
- The Parsons, a 60-unit property at 2000 Parsons St. in Costa Mesa.
- Eastside, a 98-unit property at 126 East 18th St. in Costa Mesa.
- The Courtyards, a 153-unit property at 12401 Studebaker Road in Norwalk.
- Tierra Palms, a 144-unit property at 12301 Studebaker Road in Norwalk.
- Somerset, a 256-unit property at 336 North Garfield Ave. in Montebello.
- Northwind, a 102-unit property at 16227 Eucalyptus Ave. in Bellflower.
- Artists Village Apartments, a 197-unit property at 300 West Second St. in Santa Ana.
- Stadium House, a 251-unit property at 2100 East Katella Ave. Anaheim.
Dr. Ryan Stanton has purchased a two-story office and retail building on an 8K SF lot in West Los Angeles from James Pico Investment Group for $3.57M. The property at 11600 West Pico Blvd. is 100% leased to short-term office and retail tenants. Stanton plans to use it as medical offices. NGKF’s Daniel Chiprut represented Stanton. Madison Partners’ Mitch Stokes represented the seller.
A private buyer has purchased a five-unit apartment property in Valley Village from an undisclosed trust for $1.55M. The property is at 5055 Laurel Canyon Blvd. Marcus & Millichap’s Glen Scher represented the buyer and seller.
Soleiset L.P. has sold a 10-unit multifamily property in West Hollywood to an undisclosed buyer for $3.07M. The property at 1047 North Stanley Ave. sold for $307,500/unit. Marcus & Millichap’s Sam Liberow, Matthew Ziegler and Jeff Louks represented the buyer and seller.
A private limited liability company has purchased a 29-unit apartment complex in Los Angeles from an undisclosed personal trust for $4.58M. The property is at 1008 North El Centro Ave. Marcus & Millichap’s Michael Sterman represented the seller. Marcus & Millichap’s Jeff Louks represented the buyer.
An undisclosed buyer has purchased a 51-unit apartment complex in Los Angeles from an undisclosed seller for $12.5M. The property at 1630 and 1636 Fuller Ave. and 1641 Poinsettia Place sold at $245K/unit. Marcus & Millichap’s Sam Liberow and Matthew Ziegler represented the buyer and seller.
Animation studio Bento Box Entertainment has signed a five-year lease renewal to occupy 27,309 SF of office space in North Hollywood with landlord Beacon Capital Partners. The transaction at 5161 Lankershim Blvd. is one of the largest lease renewals completed in North Hollywood this year, according to CBRE’s Paul Stockwell, who represented Bento Box. JLL’s Patrick Church and Anneke Greco represented the landlord.
Volkswagen Group of America has signed a seven-year lease with Santa Monica-based BLT Enterprises to occupy 89,811 SF of industrial and office space at a facility in Oxnard. The price was not disclosed. The property at 3301 Sturgis Road is adjacent to Volkswagen’s existing Test Center California, which BLT developed as a build-to-suit for Volkswagen in 2010. JLL's Greg Lubar represented Volkswagen as the lessee.
Sarah Garland has joined CBRE’s affordable housing division as director of capital markets, affordable housing production. Garland will be based in downtown Los Angeles. Garland will be responsible for supporting origination of affordable and workforce housing debt financing. Prior to joining CBRE, Garland served as a senior vice president at PNC Bank.
SVA Architects has hired Jeff Mayer as its new planning director of urban communities. Mayer has more than 35 years of experience in the public and private sector. Prior to joining SVA, Mayer served as the managing director of Mayer Creative. He has also held executive positions at Bassenian Lagoni Architects, KTGY Group and Gensler.
Stream Realty Partners has named Martin Pupil as executive managing director of Stream’s Orange County, Inland Empire and Los Angeles markets. Pupil will be responsible for leading and managing the company’s real estate service offerings, including strategic leasing, development, investment sales, portfolio analysis and property management across all product types. Prior to joining, Pupil served as the national president of brokerage services for Colliers.