Developer The Luzzatto Co. received $54.73M in construction financing for The Depot, a roughly 107K SF, 1.5-acre creative office project adjacent to West Adams designed by HLW.
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JLL Capital Markets, led by Senior Managing Director Paul Brindley, Managing Director Jeff Sause and Director Spencer Richley, arranged the financing on behalf of Luzzatto.
The financing involved a $28M senior loan through Bank OZK and a $26.7M mezzanine loan through Related Fund Management.
The development site is less than a half-mile from the Metro E Line light rail station Expo/Crenshaw. It is also located in an opportunity zone. Luzzato has a number of creative office projects along the Metro E Line already, including one near Expo/Bundy on the Westside.
PEOPLE
Kennedy Wilson has hired Alex Spilger as its new head of ESG. In his new position, Spilger will guide environmental, social and governance, or ESG, initiatives across Kennedy Wilson’s U.S. platform; provide vision, leadership and strategy to advance the ESG program; and deepen ESG integration across the company’s investment process and asset management activities. He will also expand Kennedy Wilson’s global program.
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Ware Malcomb has promoted Kim Von Der Ahe-Arial to director, building measurement services. Arial will be responsible for the national growth of Ware Malcomb’s building measurement services throughout the company. Arial joined Ware Malcomb in 2018 and since then has worked with landlords, asset management firms, property managers and brokers to deliver accurate floor plans with quick turnaround times.
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SALES
Franklin Park Apartments, a 75-unit multifamily property at the foot of the Hollywood Hills, sold for $22M, or roughly $293K per unit. Marcus & Millichap’s Rick Raymundo and Shane McConnell sold the property, which contained 21 vacancies at the time. The sellers were a family that has owned the property for more than 55 years, and the buyer was a private LLC. McConnell and Raymundo represented both parties in the transaction.
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CBRE announced the $4.65M sale of a 14-unit multifamily property in Anaheim to a private investor. CBRE’s Dan Blackwell represented the buyer and seller, also a private investor. The property at 129 South Olive St. is steps away from the bustling Anaheim Packing District.
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CONSTRUCTION AND DEVELOPMENT
Newmark announced that Stream Realty Partners and joint venture partner QuadReal Property Group will start construction on Tapo Canyon Commerce Center, a fully entitled, five-building industrial complex in Simi Valley. Newmark Executive Managing Directors Patrick DuRoss, John DeGrinis and Senior Managing Director Jeff Abraham are in charge of leasing of the project.
When complete, the project will offer 344K SF of space. The commerce center is anticipated to deliver in fall 2022.
FINANCING
PSRS secured a $40M refinance on La Alameda shopping center near South Gate. PSRS’ Kostas Kavayiotidis, Mike Davis and Jacob Lee arranged the refinance of the multi-tenant shopping center, which holds approximately 22K SF of retail and 18K SF of office. The refinance was funded with CMBS execution.
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