MMCC Arranges $85M Construction Loan for Beverly Hills Mixed-Use
Marcus & Millichap Capital Corporation (MMCC) has arranged $85 million in construction financing for development of a 297,771-square-foot mixed-use project located at 55 N. La Cienega Blvd. in Beverly Hills. The four-year construction loan was structured at 65% loan-to-cost.
Sharone Sabar, executive managing director in MMCC’s Encino office, secured the financing on behalf of a private investor through a national banking institution. “Securing financing for a project of this scale and complexity in Beverly Hills reflects not only the strength and vision of the sponsorship team, but also lender confidence in the long-term fundamentals of the market,” said Sabar.
He added, “The project will transform a long-held commercial site into 140 luxury multifamily residences and 13,303 square feet of ground-floor retail in one of Southern California’s most sought-after and supply-constrained markets. The sponsor acquired the property in October 2014 and spent more than a decade navigating the entitlement and planning process to bring the project to fruition.”
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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout