PLAYA DEL RAY, CA—Decron Properties Corp., a Los Angeles based, diversified real estate development, investment, and property management firm, secured $67 million in construction financing last week. The LIBOR based loan was arranged by Meridian Capital Group and provided by Wells Fargo. The loan will finance the construction of 260 apartment units, 5,000 square feet of retail stores, and underground parking for 515 stalls.
Located at the corner of Manchester Avenue and Rayford Drive in Westchester / Playa Del Ray, Playa Del Oro West, or PDO West, as the project is known, constitutes the final phase of the master “Playa Del Oro” development. The 13 acre property was purchased by a Decron affiliate in 2002, when it was utilized as a hotel of 775 rooms under the brand name of Furama and previously as the Airport Marina Hotel. The first phase, completed in 2009, consists of 405 apartment units with 27,000 square feet of retail, including a health club and four (4) restaurants.
“We’re thrilled to close the loan on Playa Del Oro West and commence with the completion of our vision,” said David J. Nagel, President and CEO of Decron Properties Corp. “Our plan for this site was always to create the highest and best use for this dynamic piece of property as the Gateway to Playa Del Rey. The construction of these additional 260 units completes our vision of replacing an old, tired hotel that no longer served this bedroom community with a dynamic, true mixed-use project that brings quality rental housing, vibrant shops, dining, and a health club, right here to Westchester / Playa Del Ray. With the financing in place to build Phase II, we’re finally on the road to completing this grand vision shared by so many in this community.”
Plans for Phase II call for the construction of 262,714 square feet of apartments, including studio, one bedroom, two bedroom, and three bedroom units