Octane Lands $52M Refi for SoCal Luxury Community
IPA arranged the interest-only loan for this redeveloped office building.
Octane Realty & Development has refinanced Arista Glendale, a 98-unit luxury community in Glendale, Calif., with a $52 million loan from Dwight Capital. Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction.
The non-recourse, interest-only loan, which has a 67.5 percent loan-to-value ratio, is set to mature in 2031.
The asset came online in 1986 as an office building. It was redeveloped into multifamily in 2023, according to Yardi Matrix.
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The nine-story community features one-, two- and three-bedroom apartments, as well as penthouse units. Each unit has a laundry area, with some including private balconies or patios. At ground level, Arista features 8,372 square feet of retail, Yardi Matrix data shows.
Shared amenities comprise a rooftop terrace and pool, a clubhouse, a fitness center, electric charging stations and an outdoor courtyard with barbecue grills. In addition, the property includes a 200-plus-space parking garage.
Arista Glendale is at 520 N. Central Ave., with multiple dining options within walking distance. The Glendale Galleria mall and a Trader Joe’s are within 1 mile of the property.
In December last year, Amidi Real Estate Group obtained a $100-plus million loan for one of its multifamily luxury properties, also in Glendale. JLL Capital Markets arranged that financing for the asset.
