Irvine Company secures $157 million refinancing loan for its Los Angeles apartment complex
Irvine Company, the real estate development company, just secured a $157 million loan.
The short version
- Capital One, the giant bank, provided the new financing in Los Angeles.
- The money refinances a 309-unit luxury apartment property in Playa Vista.
- This replaces an older $136 million loan from PGIM.
Check the numbers on large real estate deals this week. Irvine Company, the real estate development company, just locked down a $157 million refinancing loan from Capital One, the giant bank. The deal covers Villas at Playa Vista – Montecito, a 309-unit luxury apartment property in Los Angeles.
The new Fannie Mae backed loan replaces an older $136 million loan from PGIM, the investment management business, according to Yardi Matrix data cited by Multihousing News. That leaves the developer with roughly $21 million in extra financing. The property opened in 2016 at 12855 Runway Road, featuring one- and two-bedroom apartments averaging 1,113 square feet alongside a pool, a fitness center and coworking spaces.
Irvine Company originally bought the land from Brookfield, the real estate asset management firm, back in 2015. They built it alongside two other apartment communities, Sausalito and Malibu, bringing their local total to 1,503 apartments. All three sit inside the 460-acre Playa Vista master-planned development, built on land once used for Howard Hughes’ aerospace operations.
Today, that ground holds more than 6,000 apartments, 3 million square feet of office space and over 200,000 square feet of retail. For local property owners, big institutional lenders are still writing massive checks for top-tier apartment buildings even when terms stay quiet.
Photo: No machine-readable author, CC BY-SA 3.0, via Wikimedia Commons
