HFF Arranges Both the Sale and the Financing of San Fernando Valley Community
- Aug 11, 2015
The Mediterranean-style Villa Toscana apartment community in Canoga Park is no longer part of Pacific Crest Realty’s property portfolio. Part of a joint venture it shares with its private equity investment partner, Pacific Crest, sold the asset to an entity controlled by Plutsky Limited Partnership for $11.5 million. The transaction was closed by HFF representative Blake Rogers.
Located at 20918 Gresham Street in the San Fernando Valley, roughly 27 miles northwest of L.A.’s core. Units at Villa Toscana have an average size of 960 square feet and one-, two-, and three-bedroom floorplans. The 49-unit non-rent controlled community offers residents an amenity package that includes a swimming pool, fitness center, courtyard area, assigned garage parking and gated access. Its location provides great access to nearby shopping centers such as Westfield Topanga and Westfield Promenade.
HFF was also involved in securing $7.27 million in financing for the property on behalf of the buyer. The five-year, fixed-rate, 20-year term acquisition loan with Freddie Mac’s small balance loan program at a rate of 2.88 percent was arranged by HFF director Marc Schillinger.