Northmarq’s debt and equity teams, led by Joe Giordani, Alex Kane and Karl Weidell, arranged a $29.3M refinance for Chapman Market, a 41K SF, multitenant dining and entertainment property at 3465 W. Sixth St. in Koreatown.

Tenants at the market include a private members’ club, Quarters Korean BBQ, Starbucks, Origin Korean BBQ and Kazunori.

Northmarq arranged financing on behalf of the borrower, Arc Capital Partners, through a relationship with Voya Investment Management. 

PEOPLE

Douglas Elliman Western Region Head Peter Hernandez has left the company, The Real Deal reported. Hernandez came to DE in 2017, after it acquired the brokerage Teles Properties, which Hernandez co-founded. At the time of his departure, Hernandez was president of the California brokerage, a spokesperson told TRD. The firm has not announced a replacement.  

SALES

H&S Ventures, the family office of Anaheim Ducks owners Henry and Susan Samueli, in partnership with Waterford Property Co., purchased the Edge Apartments, a 371-unit, Class-A multifamily community at 1921 S. Union St. in Anaheim. 

The Edge apartment complex was completed in 2019. The sale price was not disclosed. 

CBRE's Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the seller in the transaction.

***

Coldwell Banker Commercial Lyle & Associates facilitated the $14M sale of the Liebling Building, a 24K SF, multitenant retail property at 100 N. Palm Canyon Drive in Palm Springs.

Steve Lyle and Rob Wenthold of Coldwell Banker Commercial Lyle & Associates represented the buyer and seller in the deal, neither of whom was disclosed. 

The property sits at the corner of North Palm Canyon Drive and Tahquitz Canyon Way, near retailers Faherty, Tommy Bahama and West Elm. 

***

Marcus & Millichap announced the sale and financing of 1534 S. Shenandoah St., a 20-unit multifamily property built in 1964 in Pico-Robertson. The property sold for $5.4M, or roughly $352 per SF. Marcus & Millichap Capital Corp. arranged $3.8M in acquisition financing. The loan has a 30-year term with full-term amortization at 70% loan-to-value.

Sam Liberow in Marcus & Millichap’s Encino office had the exclusive listing to market the property. The buyer was an unnamed private investor.  

***

Chicago-based Waterton acquired Reserve at Chino Hills, a 482-unit rental complex in Chino Hills. The 20-acre garden-style community at 4200 Village Drive comprises 46 residential buildings and a clubhouse. The sale price was not disclosed, and public records do not yet reflect it. 

***

Marcus & Millichap Capital Corp. arranged $12.6M in financing for the acquisition of Bel Air and El Commodor Apartments, two adjacent, 27-unit multifamily properties located at 315-343 S. Bedford Road in Orange. Both the Bel Air and El Commodor are courtyard-style apartment complexes featuring studio and one- and two-bedroom units within gated communities.

Rick Judge in MMCC’s Orange County office secured the financing on behalf of a private client. The loan was provided by an unnamed national bridge lender and features a two-year term with full-term interest-only payments and an 80% loan-to-value ratio.

FINANCING

Ian Schrager and Ed Scheetz secured $116.5M of bridge debt to refinance the Sunset Strip hotel formerly known as The Standard, according to Commercial Observer. The hoteliers acquired the hotel for $112.5M in early 2023 and have been preparing it for reopening, which is scheduled for September.