(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
WOODLAND HILLS, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement yesterday, but GlobeSt.com has learned that CBRE debt & equity finance arranged the acquisition financing for the Arbors at Warner Center, a 250-unit multifamily project in Woodland Hills, CA. The joint venture equity and debt financing totaled $46.15 million, which included the assumption of an existing Freddie Mac fixed loan with seven years remaining at 52.3% LTV.
Mark McGovern and Scott Peterson of CBRE’s San Diego office originated and closed the joint venture between Cigna Realty Investors and Pacific Urban Residential. The property was sold by a private Northern California based investment firm in an off-market transaction.
“The equity and lending markets are very strong for multifamily assets, especially very well located projects like the Arbors,” McGovern says in a prepared statement. “Investors and commercial lenders still see well-positioned multifamily assets in Southern California as a secure investment.”
The seller renovated select unit interiors during its ownership with stainless steel appliances, granite countertops, refrigerators, tile flooring and new cabinet fronts. The Pacific / Cigna joint venture will complete the interior renovations upon unit turnover. Additionally, an upgrade to the building exteriors, signage and landscaping are envisioned. The project was nearly 100% leased at the time of sale, according to a prepared statement.
Located at 6333 Canoga Ave., the Arbors at Warner Center consists of seven three-story buildings and five two-story buildings on 6.69 acres. The unit mix is primarily comprised of one and two bedrooms with some studios and three bedrooms.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
