Quantum Capital Secures $55M for 2 CA Developments
- Feb 15, 2018
Quantum Capital Partners has arranged two constructions loans for a total of $54.5 million, one for a multifamily development in Walnut Creek, Calif. and the other for a creative office building in Culver City, Calif.
Working on behalf of The Robhana Group, the firm arranged a $16.5 million loan for the construction of a mixed-use apartment community located at 1716 North Main St. Quantum secured an eight-year term with a fixed-rate interest only component during the first three years of the loan.
The five-story building will comprise 48 residential units and 2,700 square feet of ground-floor retail. Offering a mix of studio, one- and two-bedroom floorplans, residents will have access to amenities such as a rooftop jacuzzi, barbecue area, sun beds and outdoor television. The development will also be the first in the area to include an automated car stacking system.
“We have seen an increase shift in lenders’ appetite for construction debt between the first half of 2017 and the beginning of 2018,” said Jonathan Hakakha, managing director at Quantum Capital Partners. “Based on our conversations with multiple lenders and the amount of construction loans we have under application, we expect an ample supply of construction debt in 2018.”
In addition to the multifamily project, Quantum also arranged $38 million on behalf of Runyon Group for the third phase of PLATFORM, a mixed-use office development in the neighborhood of Hayden Tract. The 54-month loan will be used to finance the construction of a four-story building located at 8888 Washington Blvd. Constructed by Millie and Severson General Contractors, the project will feature 60,000 square feet of office above 6,000 square feet of retail and a three-level fully automated subterranean parking garage. The property is scheduled for completion in 2019.
Last July, Quantum Capital Partners arranged $31.75 million in CMBS debt to refinance The Metropolitan, a mixed-use building in Los Angeles that offers both loft-unit apartments and retail space.
Images courtesy of Quantum Capital Partners