Residential development firm Bonanni Development has received a $100 million construction to permanent loan to build Cloud House, a five-story, 321-unit luxury community in Stanton, Calif.
The loan was provided by Guardian Life Insurance Co. of America, according to the Commercial Observer. National multifamily mortgage banking company Bellwether Enterprise Real Estate Capital arranged the loan, which includes a 13-year term with a three-year construction period and 10-year permanent loan, with interest-only payments for the first eight years. The rate is fixed at 4.5 percent and was locked at loan application.
Executive Vice President Tom Kenny and Assistant Vice President Alex Gregoire, both in BWE’s Irvine, Calif., office, originated the loan through the life company. Bonanni Development, which is also building VRV, a five-story, 300-unit multifamily property in Stanton, is a repeat client of BWE. Bonanni Development is also planning to build Bigsby, a 79-townhome development in Stanton that is still being reviewed by city officials.
Located at 12331-12435 Beach Blvd., Cloud House is part of the Beach Boulevard transformation in the Stanton neighborhood, which has been undergoing revitalization in recent years. The site is located just north of CA-22 near the intersection of Beach Boulevard and Lampson Avenue. Cloud House will have studios, one- and two-bedroom units. The residential building will wrap around a seven-story parking structure on the 3.8-acre site. Amenities include a rooftop sky deck with a pool, spa, sky lounge with wraparound views, fitness center, coworking space, outdoor community space and a dog park.
In December, AO Architects, the firm that designed Cloud House, received a Bronze award at the 2021 MHN Excellence Awards in the Unbuilt category.
In February, BWE closed a $90 million permanent placement loan for the financing of 1133 Hope, a 28-story, 208-unit luxury multifamily property in Los Angeles completed in 2020. The financing replaced a maturing construction loan for the owner, identified by Yardi Matrix as Z&L Properties.
BWE originated $40 million on behalf of LDG Development in March to finance a 312-unit affordable housing development in South Louisville, Ky. As part of the financing, BWE secured a $31.5 million tax-exempt placement loan for the project.
A month later, BWE closed five loans totaling $151 million to refinance nine assisted living and memory care communities in the Northeast, Southeast and Southwest for several borrowers. In the largest deal, Bridge Investment Group received a $64.8 million Fannie Mae loan for a four-property portfolio with 422 units across the Northeast.