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Logos Faith Development announced its plans for 15 groundbreakings between now and 2028 — five per year for three years.
Logos Faith Development partners with faith communities across Southern California to build affordable housing on their properties. The company’s total development pipeline is now valued at roughly $750M, encompassing more than 2,000 affordable housing units built in partnership with over 15 faith-based organizations.
As part of its acceleration, Logos has moved its headquarters to 515 Figueroa St. in Downtown LA from Culver City. Avison Young’s John Eichler and Tyler Stark represented the landlord. Lee & Associates’ Evan Jurgensen served as tenant broker, and Bridgeway Real Estate Partners’ Spike Whitney advised Logos Faith Development.
PEOPLE
Priority Capital Advisory has hired Matt Lorimer as a senior vice president. In his new role, Lorimer will assist with leading debt and equity placement efforts, managing client and capital provider relationships, and overseeing the structuring and execution of complex financing transactions.
Lorimer has more than a decade of experience in real estate finance and development, having held senior positions at Shopoff Realty Investments, McCarthy Building Cos., Pacific Hospitality Group Ventures, Lennar Homes and Avenida Partners.
SALES
Colliers announced the $16.8M sale of the note for The Lido Apartments, a 100-unit multifamily community located at 6500 Yucca St. in the heart of Hollywood. Colliers’ Kitty Wallace represented the undisclosed seller. Wallace and Andy Eberhard of Colliers’ Pleasanton office identified and represented the undisclosed buyer.
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Marcus & Millichap announced the sale of 1990 Maple Ave., a 41-unit multifamily property in Costa Mesa. The property sold for $16.9M, or $412K per unit. Matthew Kipp and Tyler Leeson in Marcus & Millichap’s Orange County office had the listing to market the property on behalf of the unnamed seller, a locally based family, and procured the buyer, an undisclosed professional investor acquiring for value-add repositioning.
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Surmount announced the sale of a 14K SF Bank of America branch in Studio City. The property traded for $12.7M, or approximately $893 per SF. Surmount’s Anthony Bird represented both the seller, Broadway Tenth/Studio City LLC, and the buyer, Ironside Realty. Rich Nardi, Anthony D’Ambrosia and Joe Durkin also worked on the transaction.
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CBRE arranged the $11.8M sale of a roughly 50K SF, three-story office building at Axis, an office campus at 2190 Towne Centre Place in Anaheim.
CBRE’s Anthony DeLorenzo, Sammy Cemo and Bryan Johnson represented the sellers, ParkTerra and JEN Partners. The buyer was an undisclosed local owner-user.
ParkTerra and JEN Partners own the remainder of the campus.
LEASES
Law firm Waters Kraus Paul & Siegel has signed a new 10K SF office lease at 11601 Wilshire Blvd, a 25-story, Class-A office building in Brentwood. The firm doubled its existing footprint at the building. JLL’s Gary Horwitz and Kamil Agha represented Waters Kraus Paul & Siegel. Lisa St. John and Peter Best of LA Realty Partners represented landlord Hudson Pacific Partners.
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Progressive Real Estate Partners announced the $2M sale of the Covina Bowl, an iconic 1950s-era commercial building constructed in the Googie style, encompassing approximately 10K SF in Covina at 1060 W. San Bernardino Road. The buyer was Starlight Union, a design firm that will use the space as a smart-home retail showroom.
FINANCING
Foss Real Estate Partners has arranged $8M in bridge financing for West Covina Gardens, a 28-unit multifamily community in West Covina. The financing will fund the sponsor's value-add renovation of the property and support the development of 12 new accessory dwelling units.
The financing was provided at 8.99% and is nonrecourse, full-term and interest-only.
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