US real estate group Irvine Company has agreed a substantial refinancing for a multi-family residential complex in West Los Angeles. For the property in the Playa Vista district, financial institution Capital One provided a 157.2 million dollar loan through government-sponsored lender Fannie Mae.
The new financing replaces a previous liability of 136 million dollars that had been extended by PGIM. This increases the loan facility by around 21 million dollars, according to data from industry service Yardi Matrix. Specific terms and the maturity of the newly concluded loan were not publicly disclosed by the parties involved.
Modern residential complex in technology and innovation corridor
The refinanced property is named Villas at Playa Vista - Montecito and is situated at 12855 Runway Road. Opened in 2016, the scheme comprises 309 upscale residential units. The flats offer one to two bedrooms with an average floor area of 1,113 square feet.
Amenities at the residential community include a swimming pool, a fitness centre, as well as dedicated co-working areas and meeting rooms for residents. Irvine Company acquired the plot in 2015 from property developer Brookfield and subsequently realised the scheme alongside two neighbouring residential developments.
- —Villas at Playa Vista - Montecito with 309 residential units
- —Sausalito with 703 residential units
- —Malibu with 491 residential units
Transformation of the historic airfield
Together, the three residential schemes built by Irvine Company comprise 1,503 units. They represent a core component of the approximately 460-acre Playa Vista master-planned area. The district was developed on the grounds formerly occupied by the aerospace facilities of aviation pioneer Howard Hughes.
Following this urban transformation, the former industrial site has developed into a densely populated submarket. Today, Playa Vista accommodates more than 6,000 homes, approximately 3 million square feet of office space, and over 200,000 square feet of retail premises, primarily aimed at established technology and media enterprises.
