PLAYA DEL REY, CA-GlobeSt.com has exclusively learned that Meridian Capital Group LLC has negotiated the $114-million refinancing of Playa del Oro, a flagship mixed-use property located in Playa del Rey, CA, on behalf of Los Angeles-based Decron Properties Corp. The seven-year, fixed-rate loan was provided by a life insurance company and features an interest rate of 3.28% and highly favorable structural terms.
The new financing allowed Decron Properties to refinance a maturing construction loan on the property. Meridian managing director, Seth K. Grossman, who is based in the company's Carlsbad, CA office and VP Jonathan Wintner, who is based in the company's Los Angeles office negotiated the transaction.
The loan moved from signed application to closing in less than five weeks, GlobeSt.com has learned. Playa del Oro, located at 8601 Lincoln Blvd. in Playa del Rey, CA, contains 405 apartment units and 27,705 square feet of on-grade retail. The asset is part of a larger, class-A master planned community developed by Decron Properties housing national tenants including an LA Fitness Signature Club and The Coffee Bean & Tea Leaf on the Playa del Oro site, and a Ralph's grocery store as the anchor retail tenant at the adjacent parcel within the community.
“Despite interest rate volatility that has persisted since the beginning of the summer, this transaction was highly sought by lenders based on its leasing and operating strength, its stellar sponsorship and terrific location. Given the liquidity in the market for class-A new construction properties, Meridian obtained numerous competitive financing offers for five-, seven-, 10- and 15-year fixed-rate terms with an array of creative structural features,” Grossman says.
Grossman and Wintner also advised Decron properties on the $67 million construction financing for Playa del Oro West in January 2013. “These two properties are adjacent to one another and upon completion of Playa del Oro West, Decron will own the largest class-A multifamily/master planned community in the entire Westchester and Playa del Rey area, spanning 14.5 contiguous acres and including 665 apartments and over 110,000 square feet of retail,” says David Nagel, president of Decron Properties.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
