Irvine Company Secures $157M Multifamily Refi in L.A.’s Playa Vista

Irvine Company has secured a $157.2 million refinancing loan from Capital One for a 309-unit luxury apartment property in Los Angeles’ Playa Vista neighborhood.

The new Fannie Mae loan replaces a previous $136 million loan originated by PGIM, representing a roughly $21 million increase in financing, according to Yardi Matrix data cited by Multihousing News. The terms and maturity date of the new loan were not disclosed.

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The property, Villas at Playa Vista – Montecito, opened in 2016 at 12855 Runway Road. The community features one- and two-bedroom apartments averaging 1,113 square feet, along with a swimming pool, a fitness center, coworking space and conference rooms.

Irvine Company acquired the land from Brookfield in 2015, and developed the building alongside two other apartment communities: the 703-unit Sausalito and the 491-unit Malibu. The three properties total 1,503 apartments.

The communities are part of the larger, 460-acre Playa Vista master-planned development, which transformed land formerly 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 at gcornfield@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.