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NORTH HOLLYWOOD, CA-A development team led by JH Snyder Co. has secured financing via Sonnenblick-Eichner that includes joint venture equity for the first phase of the development and construction financing to begin the second phase of the mixed-use project, for which construction is scheduled to begin next year. Sonnenblick-Eichner reports that it arranged a joint venture equity investment for Phase I and construction financing for Phase II of NoHo Commons, a $180 million public/private, mixed-use development that will include residential and retail components. The joint venture equity investment was provided by a national real estate investment fund on behalf of a large state pension fund, and construction financing was provided by an international money-center commercial bank. The deal provides “very competitive limited recourse construction financing at sub-200 basis point LIBOR pricing,” according to David Sonnenblick, principal of Sonnenblick-Eichner.NoHo Commons is being developed at the site of North Hollywood’s Metro Rail Red Line station at the corner of Chandler and Lankershim boulevards. It is a project of the Los Angeles Community Redevelopment Agency, along with private and public sources, including $14 million from the U.S. Department of Housing & Urban Development, with Los Angeles-based Snyder as the lead developer. The project will offer 438 class A apartment units, 278 loft residential units, 20,000 sf of live-work space and 60,000 sf of retail space. It will surround the MTA subway station to the south and the east, with the retail fronting the street and the housing above. The development is being designed by VanTilburg, Banvard and Soderberg of Santa Monica, with project construction led by Hill Contracting Group as general contractors.

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