Key Commercial Real Estate is a division of Cleveland-based KeyCorp. KeyCRE's Los Angeles office gives local developers access to construction and permanent financing, as well as project equity.
The largest project involves a 30-month, $25.6 million loan commitment for the Camino Real luxury apartments and townhomes, a 272-unit rental community located on the east side of Etiwanda St., just north of Foothill Blvd., in Rancho Cucamonga. The project is being managed by Sares-Regis Group.
KeyCRE also announced two other multifamily transactions: A $25.6 million loan commitment for construction of a 220-unit apartment complex in Ladera Ranch, Calif. The borrower is Ladera WNG II. And a $16.8 million construction loan for a 12-unit apartment project in Thousand Oaks. The borrower is Los Angeles-based PCS Development Inc.'s 205 Conejo School Rd. group.
In addition, KeyCRE says it is providing the funding for three luxury multifamily/retail construction projects on Sixth Street in Santa Monica. Early in the year, KeyCRE closed an $8.7 million construction loan for a 48-unit luxury apartment complex. Later in the year, KeyCRE closed another $17 million in loans for two more 48-unit complexes to be built across the street from the first one. All three 5-story apartment complexes will feature retail offerings on their ground floors.
KeyCRE also participated in two syndicated construction loans made to Zelman Development Co. for a shopping center and adjacent hotel sites in Burbank. KeyCRE's loan commitment for this project is $25 million, and the total loan value for the project is $77.7 million.
Zelman is using the funds to develop the 617,000-sf Burbank Empire Shopping Center located at the southeast corner of Empire Avenue and Buena Vista Street in Burbank. Zelman also purchased an adjacent 5.8 acres of land, which is to be used for up to 335 Marriott Courtyard and Extended Stay hotel units.
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