The $13.2 million financing is an adjustable-rate, 15-month (plus extensions totaling an additional 15 months) financing on behalf of New Zealand-based Pacific Northstar Property Group, through Builders Bank. Jerry Wise of Holliday Fenoglio Fowler arranged the financing.
Located at the northwest corner of South Westgate and Darlington avenues in the Brentwood area, The Gardens at Darlington will feature four-story over subterranean parking, with unit sizes averaging 1,800 sf. Sale prices will average more than $650,000. The developer anticipates building additional multifamily projects in California, particularly in the southern portion of the state.
This is the second American project for Pacific Northstar Property Group, which has prior experience developing multifamily property throughout New Zealand, according to Holliday Fenoglio Fowler. The firm adds that there was a lot of interest from the lending community concerning this project, and ultimately obtained funding prior to completing the permit process, which is a little unusual.
The other project financed for construction is another condominium development. This 18-unit luxury condominium is being constructed in Korea Town and is expected to be completed sometime with the next 12 months. The 18-units at the development will sell for a bottom price of $300,000 and up.
Pacific Northstar Property Group has committed itself to Southern California. The New Zealand-based property developer has said that it plans to initiate three to five projects in the area a year for the next two years.
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