Amidi Refinances 220-Plus Units in Los Angeles Metro
JLL Capital Markets arranged the loan.
Amidi Real Estate Group has refinanced TENTEN Campus, a newly built 228-unit Class A multifamily property in downtown Glendale, Calif., with a $125 million loan from Oaktree Capital Management. JLL Capital Markets arranged the construction takeout financing.
The funds allow the Redwood City, Calif.,-based real estate development firm to retire existing debt and preferred equity while providing capital for continued operations as the property approaches full stabilization and concessions begin tapering off.
JLL Capital Markets’ Debt Advisory team was led by Senior Managing Director Chris Gandy alongside Directors Ethan Habecker and Max Mraz.
Taking a closer look at TENTEN
Located at 414 N. Orange St., TENTEN Campus is an eight-story, 220,018-square-foot building situated on 2.05 acres. The location provides quick access to major employment centers in the Los Angeles region including Disney, DreamWorks Animation and other key entertainment employers. The property is within walking distance of retail offerings including Americana at Brand and Glendale Galleria. It is 10 minutes north of downtown Los Angeles and borders Burbank and Pasadena.
The community received its temporary certificate of occupancy in November 2024 with resident move-ins beginning in February 2025. The property had 95 percent occupancy at the time of the transaction closing.
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The building has a mix of studios, one- and two-bedroom units ranging in size from 470 square feet to 1,848 square feet, with an average of 895 square feet. The average rent is $3,972, according to Yardi Matrix data. Apartments include floor-to-ceiling windows, stainless steel appliances, in-unit washers and dryers, quartz countertops and balconies in select units.
Community amenities include a resort-style pool and spa, a rooftop terrace with skyline views, a fitness center with steam room and sauna in addition to a business center. The property has a total of 545 parking spaces with covered parking available for a fee.
Recent Glendale sale
In July, Amidi sold TENTEN Glendale, a 66-unit, mid-rise multifamily property located at 111 N. Louise St. in Glendale for $33.5 million to Regent Properties. Representing Amidi, Northmarq arranged the sale, securing the buyer and a $22.7 million bridge loan for Regent provided by an undisclosed life insurance company.
The Class A property came online in 2019 and features fully furnished units with a mix of studio, one- and two-bedroom floorplans. The community’s amenities are similar to those at TENTEN Campus.
With more than 65 years of experience, Amidi owns and operates more than 1 million square feet of real estate with a focus on large-scale residential, commercial and mixed-use properties across three brands: TENTEN, Hollywood Production Center and Plug and Play Tech Center. The firm continues to expand the TENTEN brand with several projects in the development pipeline including Phase II of TENTEN Wilshire, TENTEN Hollywood and TENTEN Sunnyvale.
