Caruso Begins $32M Mixed-Use Asset in L.A.

Caruso begins a luxury asset in L.A.; Meridian Capital Group negotiates financing for multifamily properties in Manhattan and Brooklyn; and Virtú Investments buys a $12 million community near UC Davis.

8500 Burton Way

Los Angeles—Caruso Affiliated has begun developing a $32 million mixed-use development known as 8500 Burton Way in West Los Angeles. The project, which is being built by commercial builder Bernards, will be comprised of 88 luxury units atop a 14,000-square-foot Trader Joe’s and a new coffee shop. The community will be located at the intersection of Burton Way and La Cienega Blvd.

“This project sets a new high-bar for luxury apartments in the Los Angeles region,” says Rick Caruso, president and chief executive officer at Caruso Affiliated.

The 252,676-square-foot, concrete structure will provide an amenity-rich environment, including a private residential lobby with 24-hour security, valet service for residents and guests,  24-hour concierge service, as well as an on-deck courtyard, penthouse fitness center and clubroom, and rooftop deck with infinity pool and spa. The project, which is scheduled for completion in September 2013, also features pedestrian-friendly streetscapes, garden terraces, and multiple levels of parking for residents and guests.

Meridian negotiates financing for multifamily properties in Manhattan, Brooklyn  

New York—Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, announced the following transactions:

-Meridian negotiated a new mortgage in the amount of $1,500,000 on an 18-unit, four-story multifamily building on Malcolm X Boulevard in Brooklyn. The loan features a rate of 3.15 percent and a five-year term Isaac Filler negotiated this transaction.

-A new package of mortgages totaling $12,400,000 was placed by Meridian on four multifamily buildings composed of 199 units located in Brooklyn. The loans feature rates of 3.25 percent and 10-year terms. David Hayum negotiated these transactions.

-A new mortgage of $7,200,000 was placed by Meridian on a 37-unit, six-story multifamily building on East 13th Street in New York. The loan features a rate of 3.25 percent and a five-year term. Judah Hammer negotiated this transaction.

-Meridian negotiated a new mortgage in the amount of $7,000,000 on a 25-unit, six-story multifamily building on East 27th Street in New York, NY. The loan features a rate of 3.25 percent and a five-year term. Rael Gervis negotiated this transaction.

A new mortgage of $3,200,000 was placed by Meridian on a 42-unit, five-story multifamily building on Wadsworth Terrace in New York. The loan features a rate of 3.25 percent and a 10-year term. Morris Diamant negotiated this transaction.

Virtú Investments acquires 157-unit asset for $12M

Americana Arms Apartments

Davis, Calif.— Virtú Investments has picked up Americana Arms Apartments, a 157-unit asset in Davis, Calif., for $12 million. Marcus & Millichap represented the seller, a Bay Area-based private investor. The $12 million sales price equates to $76,721 per unit.

“Well-performing, quality multifamily assets such as the American Arms Apartments rarely come to market in Davis,” says Sunny Gill, a senior associate in Marcus & Millichap’s Sacramento office. “The property’s strong history is attributable to the Davis market’s extremely low vacancy, which has averaged less than 2.5 percent over the past five years.”

The property is located approximately one mile from the University of California at Davis.