SHERMAN OAKS, CA-Owner Bisno Development has secured $75 million in financing via Transwestern Multi Housing Capital Advisors for the development of 141 new units at the 260-unit Chase Knolls apartment complex. The $75 million includes a $40-million bridge financing and $35 million for the new development.
Transwestern's Curtis Palmer, Herb Chase and Alex Quintana arranged the loan with lender Key Bank on behalf of Bisno. The $440-million bridge financing is collateralized by the existing 260-unit apartment complex, which was built in the late 1940s. The remaining $35 million in construction financing will be used for the development of the 141 new apartments and a new 384-space garage that will be constructed to replace the existing parking structures.
Palmer notes that the property will be developed in keeping with its historical design. He calls Chase Knolls a landmark property and points out that its location is in one of the strongest of Southern California's apartment markets, the San Fernando Valley.
The 19-building Chase Knolls complex, at 13401 Riverside Dr., consists of one- and two-story buildings of one and two bedrooms in 17 different floor plans. Common area features include greenbelts, extensive landscaping and numerous open areas. The property is close to restaurants, shops and grocery stores.
Palmer, Chase and Quintana also arranged financing on the property in 2004 when one partner at the property acquired another partner's interest. Plans at the time called for the ownership to renovate existing units at the complex while proceeding to secure entitlements for the additional development.
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