LOS ANGELES—Two separate developers have secured debtand equity financing to fund two new-constructiondevelopment projects in Sherman Oaks and West Hollywood. The equityfinancing for both projects totals $14 million, and and will helpto finance acquisition, entitlements and construction costs.Johnson Capital SVP Gabe Weinertsecured the funds on behalf of both parties.

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Barkley Development LLC secured $10.5 millionin joint venture equity, funded by pension funds, endowments andfoundations. The developer will use the funds in part to acquire,entitle and develop a 139-unit apartment buildingwith 9,000 square feet of retail space. Theproperty will sit on a 1.5-acre parcel on Sherman Oaks Boulevard.Construction on the project will begin in Q4 of this year and isexpected to cost more than $50 million.

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An unnamed developer also secured a $3.6 million bridge loan forthe development of a luxury condominium projectestimated to cost approximately $20 million. The bridge loan willhelp to fund construction efforts. The development is located inWest Hollywood near Beverly Hills and will have between 14 and 18units. Another property currently sits on the site, and will needto be demolished before construction can begin within the next sixmonths. We were unable to obtain a comment from Weinert before thepublication of this story.

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Development in both the Sherman Oaks and the WestHollywood/Beverly Hills areas are becoming increasingly popular andland prices are on the rise. GlobeSt.com recently reported thatAsian developer the Wanda Group purchased a parcel nearby this West Hollywooddevelopment to build a $1.2 billion luxurymixed-use complex.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.