At a glance
- Commercial Observer first reported the refinancing.
- The refinancing gives apartment owners a fresh agency benchmark for Los Angeles multifamily debt: $157.2 million across 309 units works out to about $509,000 a unit, versus about $440,000 on the prior $136 million loan.
- Villas at Playa Vista – Montecito opened in 2016 at 12855 Runway Road and has one- and two-bedroom apartments averaging 1,113 square feet.
Irvine Company secured a $157.2 million Fannie Mae refinancing from Capital One for a 309-unit apartment property in Los Angeles’ Playa Vista neighborhood.
The loan replaces a $136 million PGIM-originated loan, an increase of roughly $21 million, according to Yardi Matrix data cited by Multihousing News. Commercial Observer first reported the refinancing. Terms and maturity were not disclosed.
The refinancing gives apartment owners a fresh agency benchmark for Los Angeles multifamily debt: $157.2 million across 309 units works out to about $509,000 a unit, versus about $440,000 on the prior $136 million loan.
Villas at Playa Vista – Montecito opened in 2016 at 12855 Runway Road and has one- and two-bedroom apartments averaging 1,113 square feet.
Irvine Company acquired the land from Brookfield in 2015 and developed the property alongside the 703-unit Sausalito and the 491-unit Malibu. The three properties total 1,503 apartments, but the refinancing covers only the 309-unit Montecito property.
Multifamily borrowers need $6.8 billion in fresh equity, as Private Wealth Daily previously reported. CRED iQ found 31% of the $136 billion of agency and CMBS multifamily debt maturing through 2028 needs new equity to refinance.
The refi raised proceeds $21M and per-unit debt to $509,000
Prior and new loan on the 309-unit Villas at Playa Vista – Montecito
Prior loan (PGIM)
$136M
- Per unit
- $440,000
New loan (Fannie Mae)
$157.2M
- Per unit
- $509,000
- Lender
- Capital One
Show as table
| Prior loan (PGIM) | New loan (Fannie Mae) | |
|---|---|---|
| Figure | $136M | $157.2M |
| Per unit | $440,000 | $509,000 |
| Lender | Capital One |
Reported by the Real estate debt desk from Commercial Observer, Multihousing News, citing Yardi Matrix and Private Wealth Daily archive. Published . Corrections