This Week's LA Deal Sheet
Gortikov Capital arranged a $101M refinance for The Clarendon, a 335-unit, Class-A apartment complex in Woodland Hills, on behalf of AMCAL Housing.
Gortikov Capital secured a two-year, floating-rate, senior bridge loan through an undisclosed U.S.-based debt fund. Developed in 2020, The Clarendon is just north of Ventura Boulevard, with access to the 101 Freeway, Ventura Boulevard and Warner Center.
The capital markets team representing the borrower was led by Bryan Gortikov, president of Gortikov Capital.
PEOPLE
Westlake Village-based multifamily investor Sunstone Two Tree will transition co-founder and CEO John Maddux to the role of executive chairman, effective June 18, for three years in order for him to serve as the Mission President of the Costa Rica San Jose West Mission for The Church of Jesus Christ of Latter-day Saints. Sunstone Two Tree’s current president, Scott Maddux, will assume the role of CEO during that time.
Scott Maddux has served as president of Sunstone Two Tree since March 2023. He joined the company following the merger of Sunstone Properties Trust and Two Tree Capital.
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Snyder Langston hired Jonathan Wyman as director of project development. Wyman will work out of the firm’s El Segundo office and focus on increasing the company's Los Angeles business. Before moving to Snyder Langston, Wyman was vice president of partnerships and growth at System1. He has also held leadership roles with SB Architects, WATG and ValleyCrest Companies.
SALES
An undisclosed south Orange County-based entity sold a 25-unit multifamily property in Oceanside to a San Diego-based private investor for $8.6M. The sale price works out to nearly $345K per unit and $447 per SF. CBRE Executive Vice President Dan Blackwell, First Vice President Mike O’Neill and Associate Amanda Fielder represented the 1031 exchange buyer.
LEASES
Retail fulfillment company Ship Essential has opened its first West Coast location, a Downtown LA fulfillment center at Rexford Industrial’s The Boxyard complex. Ship Essential’s roughly 36K SF space at 2535 E. 12th St. will ultimately distribute orders for multiple clients and already has an anchor user, lifestyle clothing brand Madhappy. Terms of the lease were not disclosed.
Ship Essential also has a hub in New York, which means it “can offer brands reduced shipping rates while maintaining our high touch edge over commodity based competitors,” founder David Sitt said in a release.
FINANCING
Gantry secured a $8.2M permanent loan to refinance a medical office building at 15825 Laguna Canyon Road in Irvine, near Kaiser Permanente and Hoag hospital facilities. The 43K SF building is 100% leased to a range of medical specialists and services.
Gantry Senior Director Bahman Mirhashemi and Associate Sean Kuang secured the loan on behalf of the borrower, a private real estate investor specializing in medical office assets. The five-year, fixed-rate, low-leverage loan featuring 30-year amortization was provided by one of Gantry’s correspondent lenders.
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JLL Capital Markets arranged a $5.1M refinancing for 330 S. Home St., a 21-unit apartment complex in Oceanside. The property is less than one mile from the beach and close to numerous local amenities including restaurants and retail. JLL worked on behalf of the borrower, a joint venture between Westview Real Estate, led by Rob Perkins, and Pace Properties, led by Matt Pace, to secure the three-year, fixed-rate loan through a regional bank.
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Pace Properties secured a $2.53 million refinance for its Madison Apartments, a 12-unit apartment community in San Diego. JLL Capital Markets arranged the financing, placing the three-year, fixed-rate loan with a regional bank.
The Madison Apartments at 5074-5084 Madison Ave. is in the same submarket as San Diego State University and is connected to downtown San Diego, Old Town, the University Town Center and UC San Diego by nine trolley stops. The apartments were renovated in 2023.
