JLL announced that it has arranged the $115 million financing for The Ventana Luxury Apartments, a 405-unit, low-rise multi-housing community located in the master-planned community of Playa Vista, California.
The Ventana was originally constructed in 2007 in two phases and offers a variety of studios, one-, two- and three-bedroom, with an average unit size of 1,049 square feet. The apartments feature in-unit washers and dryers, granite countertops and ceiling heights ranging from nine to 14 feet. Community amenities include two clubhouses, two swimming pools, a spa, business center and a fitness center.
Located within the master-planned community of Playa Vista and minutes from the market-leading tech companies within the burgeoning Silicon Beach. Residents of the community can conveniently reach premium shopping and dining, pristine beaches and a variety of recreational activities within Marina del Rey, Venice, Santa Monica and Culver City via the adjacent Lincoln Boulevard. Additionally, the property’s location provides easy access to the Los Angeles International Airport, the San Diego (405) Freeway and Marina (90) Freeway.
“The closing of The Ventana is a testament to the JLL team’s expertise and strong collaboration between Barings and PGIM Real Estate. 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,” said Taylor Johnson, Senior Director of U.S. Real Estate Capital Markets at Barings.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Managing Director Annie Rice, Managing Director Brandon Smith and Director Gyasi Edmondson. JLL worked on behalf of the borrower, Barings Real Estate, to secure the cash neutral, five-year, full-term interest-only loan.
“It was a pleasure to work with Barings while navigating a financing process during the height of LA City and County eviction moratoriums. The selected lender was able to understand the story of the local market and trend towards stabilization after the turbulence caused by COVID-19,” Rice said.