Q East Development in CA Secures $60M
- Dec 12, 2017
George Smith Partners has arranged $60 million in ground-up construction financing for Q East, a mixed-use development featuring 241 luxury apartment units and 34,139 square feet of retail space in Woodland Hills, Calif. The company secured the loan on behalf of California Home Builders. Sized to 70 percent of total project cost, the three-year term has two 12-month options that float at 250 basis points over LIBOR.
At 6219 De Soto Ave., the property is located within the Warner Center 2035 Plan, an urban planning blueprint approved by the LA City Council in 2013. The project aims to transform the Warner Center into a regional hub and transit oriented district, to increase employment and economic development. Q East will be a live-work-play development featuring 506 parking spaces, a high-end restaurant and bar, a co-working space for future tenants and a resort style pool.
“The Q East will be the first to provide Woodland Hills residents with a luxury apartment option in the affluent Los Angeles suburb,” said Steve Bram, principle & co-founder of George Smith Partners, in prepared remarks. “Although there are many luxury multifamily projects being developed throughout Southern California, there are virtually none of this quality in the Woodland Hills submarket.”
Image courtesy of George Smith Partners