Pacific Equity Properties Inc. is behind the project, named Cross Creek Ranch Malibu.
At 112,000 square feet, it is the largest development to be approved in Malibu since the city’s incorporation in 1991, according to the developer. The project is located next to the Santa Monica College expansion and The Park at Cross Creek.
“We are thrilled to secure this financing for Cross Creek Ranch, which enables us to advance our vision to create a local gathering spot where individuals and families alike can work, shop, mingle, dine and socialize,” Pacific Equity Properties Chief Executive Bryan Gordon said in a statement.
“As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” he said.
Once completed, the project — which will sit on nearly 13 acres — will have gathering spaces, 42,000 square feet of Class A office space, subterranean and perimeter surface parking, and 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining.
Cross Creek Ranch is being designed by architectural firm Marmol Radziner.
The loan was provided by Related Fund Management.
“While on a site tour during the pandemic, we witnessed firsthand how well positioned this project is to meet the needs of modern consumers,” Alfred Trivilino, managing director of Related Fund Management, said in a statement.
The loan is one of the largest construction loans in Los Angeles County this year, according to the companies.
It was arranged by Playa Vista-based Integrated Capital Management. The investment and advisory firm also made an equity investment in the project.
“Each of Integrated’s investments start with exceptional real estate. Cross Creek Ranch combines a coastal location with global appeal, an accomplished sponsor with deep development experience, a marquee and thoughtfully conceived project, progressive architectural design, and a lender that shares our conviction,” John Carrick, managing principal and co-founder of Integrated Capital Management, said in a statement. “This is the definition of ‘forever’ real estate.”
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