Tishman Taps FirstService for LUMINA Management Gig

San Francisco's new iconic condo gets a manager, and a borrower opts for prepay penalty in order to obtain Oak Grove Capital's loan.

San Francisco—The largest luxury high-rise manager has added yet another property to its trophy portfolio. News broke today that Tishman Speyer has tapped FirstService Residential to manage the iconic LUMINA condo development on San Francisco’s Embarcadero waterfront. At 656-units, the project is the largest luxury high rise in FirstService Residential’s California portfolio. It is also the first time the firm has collaborated with Tishman Speyer.

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LUMINA features 42- and 37-story towers, and two mid-rise plaza buildings at eight stories each. The development was recently buzzed over for its record-breaking $49 million penthouse offering. Completion is set for 2016, though the mid-rise plaza is already sold out with residents set to move in this August. The addition of LUMINA brings FirstService Residential’s California portfolio to nearly 1,000 association properties with more than 210,000 residences.

Borrower opts for prepay penalty to obtain Oak Grove’s $31.8M loan

St. Paul, Minn.—Oak Grove Capital originated a $31.8 million refinance for Westwood Villa Apartments, a 204-unit market-rate apartment community in Los Angeles.

The 35-year, fully amortizing loan was provided via FHA’s 223(f) program, securing an attractive interest rate of less than 3.25 percent and eliminating any future balloon maturity risk. The property offers residents amenities such as an outdoor swimming pool, barbecue area, secured entry and garage parking.

“Despite facing a sizable prepayment penalty on their existing debt, as a long-term investor, our client wanted to lock in a lower fixed interest rate for the period of time which they want to hold the property. The owner was able to secure an attractive rate, while maintaining maximum prepayment flexibility through a stepdown prepay structure,” said Levi Brooker, vice president at Oak Grove Capital. “We are pleased to have helped our client reach their financing goals in this transaction.”