POWAY, CALIF. — UC Funds has provided a $60 million loan to develop a 72-unit community in the San Diego suburb of Poway. The property will also include 20,000 square feet of retail space. According to UC Funds, the project will serve as a focal point for the redevelopment of Poway’s downtown area. The city includes a 900-acre business park with over 500 businesses, including General Atomic Aeronautical, Sysco and GEICO.
LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal. Broadstone Cavora offers 348 apartments with walk-in closets, private patios and in-unit washers and dryers. Amenities include a resident clubhouse, pool, fitness center, rooftop sun terrace, game room and leisure lawn.
SAN DIEGO — Affirmed Housing has finished developing The Helm, a mixed-income community in San Diego’s Cortez Hill neighborhood. The Helm offers 77 studio units and one two-bedroom manager apartment across seven stories. Of the total unit count, 32 are affordable to tenants earning 30 percent of the area median income (AMI), four to those earning 60 percent AMI and the remaining 41 are for households earning 80 percent AMI. The 30 percent AMI studios receive project-based vouchers, which are issued by the San Diego Housing Commission. The property also includes …
SAN JOSE, CALIF. — Urban Catalyst has launched a new fund, UC Multifamily Equity I LLC (UCME), focused on the development of a 272-unit building in San Jose. The property, called Aquino, will offer studio, one-, two-, and three-bedroom apartments. Amenities will include private co-working offices, a bar and lounge, a fitness center with a yoga studio, a dog run and a courtyard. Urban Catalyst has structured UCME as a real estate operating company, which allows it to accept funding from qualified retirement accounts such as IRAs and 401(k) plans.
SAN DIEGO — JLL Capital Markets has arranged $28 million in construction take-out financing for Casa Verde, a 94-unit community in San Diego’s North Park neighborhood. Olga Walsh and Jack Wood of JLL led the team that secured the non-recourse floating-rate bridge loan on behalf of the borrower, Champion Real Estate Investments. The new loan retired a high-leverage construction loan, covered transaction costs and carry reserves, and provided significant cash out to the sponsor while allowing sufficient time for stabilization in anticipation of permanent financing. Casa Verde offers studio and one-bedroom …
LOS ANGELES — Northmarq has hired Joel Cukier as senior vice president to the company’s commercial investment sales team in Los Angeles. Cukier began his career in luxury high-rise management and development in New York. Most recently, he spent seven years working with a national firm focused on corporate real estate advisory. Cukier is joined by Noah Kenoyer, who joins the team as an associate. The commercial investment sales team will focus on net lease real estate and corporate sale leaseback advisory.
LOS ANGELES — JLL Capital Markets arranged the $16.7 million construction take-out financing for The Hobart, a 39-unit community in the Los Angeles neighborhood of Koreatown. Chris Collins and Brad Vansant represented the borrower, Jannone Development, to secure the two-year, floating-rate loan. The Hobart was built in 2023. The building rises six stories at 3050 W. 11th St. Units come in one-, two- and three-bedroom floor plans.
SAN JOAQUIN COUNTY, CALIF. — PACT Capital has arranged a $362 million acquisition land loan for a 1,600-acre property in San Joaquin County, about 60 miles from San Francisco. Originally planned in the 1990s, the site is entitled for 5,500 residential units, as well as 263 acres of entitled multifamily, mixed-use, industrial and commercial space. The buyer was a private family office in Northern California. The acquisition financing was provided through a real estate investment banking syndicate. PACT Capital’s advisory team was led by Adam Mortanian, Tyler Shegerian, Connor Haubursin …
COSTA MESA, CALIF. — CBRE brokered the sale of a mixed-use property at 2027-29 Harbor Blvd. in Costa Mesa. A local private investor acquired the asset for $3.2 million. Dan Blackwell and Mike O’Neill represented the seller, a private Orange County, California-based partnership. The asset offers 12 rental units across three buildings, as well as a 1,942-square-foot commercial building occupied by an auto trim business. Units come in studio, one- and two-bedroom floor plans. The first building was built in 1949, with subsequent building additions made in 1952, 1954 and 1962.
LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, an affordable community in the Watts neighborhood of Los Angeles. KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the project. Kortney Brown and Ted Witt structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. 2111 Firestone comprises 85 apartments across six …
