RANCHO PALOS VERDES, CA-New and existing investors have committed $100 million in new capital that will provide for the long-term stability of the 102-acre, 582-room Terranea oceanfront resort developed and owned by Los Angeles-based Lowe Enterprises. The transaction includes an extension of the loans on the property in addition to the new capital commitments by a combination of new and existing investors in a new joint venture with JC Resorts, a San Diego hospitality company with 40 years of resort and golf experience in Southern California. Affiliates of ST Residential LLC hold the loans on the property and are participating in the new capital commitment.

In addition to being the primary lender, ST Residential has acquired the mezzanine loan on the property, according to Robert J. Lowe, chairman and CEO of Lowe Enterprises. “With this new partnership in place, Terranea is well-positioned to take advantage of the continuing improvement in the hotel and residential markets,” the Lowe CEO said in a prepared statement.

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