Irvine Company has obtained a $ 157.2 million loan refinancing from Capital one for a 309-unit luxury apartment property in Los Angeles’ Playa Vista neighborhood.
That’s new Fannie Mae The loan replaces a $136 million loan previously originated by PGIMrepresenting an increase of approximately $21 million in financing, according to Yardi Matrix data quoted by Multihouse News. The terms and maturity date of the new loan were not disclosed.
The property, Villas in Playa Vista – Montecitoopened in 2016 12855. Jalan Landasan. The community features one- and two-bedroom apartments with an average of 1,113 square feet, along with a swimming pool, fitness center, workspace and conference room.
Irvine Company acquired land from Brookfield in 2015, and developed a joint building of two other apartment communities: 703-units Sausalito and 491 units Malibu. The three properties have 1,503 apartments.
The community is part of the larger, 460-acre Playa Vista master-planned developmentwhich transformed land previously occupied by Howard Hughes’ aerospace operations. The neighborhood now includes more than 6,000 apartments, approximately 3 million square feet of office space and more than 200,000 square feet of retail.
Gregory Cornfield can be reached gcornfield@commercialobserver.com.