A 405-unit, luxury low-rise multifamily community called The Ventana in Playa Vista has received $115 million in financing.
Jones Lang LaSalle Inc. arranged the financing for The Ventana on behalf of the borrower, North Carolina-based Barings Real Estate, to secure the cash neutral, five-year loan.
“The closing of The Ventana is a testament to the JLL team’s expertise and strong collaboration between Barings and PGIM Real Estate,” Taylor Johnson, senior director of U.S. real estate capital markets at Barings, said in a statement.
“We are proud to have a trusted advisory team at JLL dedicated to navigating this deal’s intricacies and delivering exceptional results for our investors,” Johnson added.
The Ventana, which was originally built in 2007, offers a variety of studios, one-, two- and three-bedroom floorplans, with an average unit size spanning 1,049 square feet. Community amenities include two separate clubhouses, two swimming pools, a spa, a business center and a fitness center.
The JLL Capital Markets Debt Advisory team was led by senior managing director Chris Drew, managing directors Annie Rice and Brandon Smith and director Gyasi Edmondson.
“It was a pleasure to work with Barings while navigating a financing process during the height of L.A. city and county eviction moratoriums,” Rice said. “The selected lender was able to understand the story of the local market and trend towards stabilization after the turbulence caused by Covid-19.”
The complex, located at 7225 and 6565 Crescent Park, is situated among many market-leading tech companies within the burgeoning Silicon Beach area, including Amazon, Google, Facebook, YouTube, SpaceX, Microsoft, Twitter, Ring, Bird, Hulu and Snap Inc.
Barings is a $347 billion global investment manager which sources differentiated opportunities and builds long-term portfolios across public and private fixed income, real estate and specialist equity markets.
Barings Real Estate, a subsidiary of parent company Barings, offers a broad range of global investment opportunities across the private debt and equity investment markets. The division offers a range of financing solutions to real estate borrowers.