Barings Secures $115M Refi for LA Community
PGIM Real Estate provided a refinancing loan to Barings for a beachfront property in Playa Vista, Calif.
The Ventana has 405 units and is located in Los Angeles’ Playa Vista neighborhood. Image courtesy of Yardi Matrix
Barings Real Estate refinanced a beachfront community in Los Angeles’ Playa Vista neighborhood. PGIM Real Estate provided the $115 million fixed-rate financing for The Ventana.
The property was originally built in two phases starting in 2007, with the first phase delivering 93 units and the second comprising 312 units. The community has 405 units split between two four-story residential buildings, with 40 of the units being reserved as affordable, according to Yardi Matrix data.
The Ventana’s one-, two- and three-bedroom units range from 478 to 1,841 square feet. The community’s amenities include a spa, business center, fitness center, two clubhouses, two pools and 668 parking spots. The community was 93.4 percent occupied at the time of the loan’s closing, according to PGIM Real Estate.
Located at 7225 Crescent Park W. in Playa Vista, The Ventana is a short drive away from popular Southern California beaches like Venice Beach and Playa Del Rey Beach. The community is located near the Los Angeles International Airport, while also being approximately 15 miles from downtown Los Angeles.
Tom Goodsite, managing director at PGIM Real Estate, said in prepared remarks that Playa Vista is seeing strong multifamily housing demand thanks to its proximity to the many tech employers located in Silicon Beach. Goodsite added that the market has been rebounding and stabilizing after a lengthy stretch of volatility caused by the COVID-19 pandemic.
Beyond providing multifamily financing
PGIM Real Estate has invested in, and managed, communities in several markets, including major cities on the West Coast. In September 2020, PGIM Real Estate arranged a major $482 million loan for The Sobrato Organization to refinance four communities in the San Francisco Bay Area and two in Seattle, totaling 1,223 units. PGIM Real Estate has also developed communities across the U.S. Recently, the firm formed a joint venture with Pacific Development to develop The Launch, a 368-unit community in Alameda, Calif., which opened in April 2023.
