Although life companies are known for playing it safe when it comes to lending on commercial real estate, that narrow box hasn’t stopped them from doing big business in the space lately. Many life companies reported robust lending volumes in 2015 and...
The Beverly Center, like many long-standing Southern California malls, is getting a makeover. The eight-story indoor shopping center at the corner of Beverly and La Cienega boulevards will be undergoing a "comprehensive renovation," according to Robert Taubman, chief executive of mall owner...
The local economy will see slower job growth this year and next as it reaches cruising altitude, the Los Angeles County Economic Development Corp. says in a forecast to be released this morning. “Growth is in the picture; however, the pace of...
An office building in Woodland Hills has sold for $4.7 million. At $470 per square foot, the price was more than double the median price per square foot of $212 in the Los Angeles North region. The 10,300-square foot building in the 5900...
San Fernando Valley based brokerages Delphi Business Properties Inc. and NAI Capital have completed the sale of a multi-tenant industrial park in Van Nuys for $8.8 million in an all-cash transaction. Jeff Puffer, SIOR, senior vice president with Delphi, represented the property...
Rockwood Capital, LLC renews 4,550 RSF at Sun America - 1999 Avenue of the Stars in Los Angeles. Deal represented by Jeffrey Pion of CBRE.
BLOG & ONLINE NEWS
Avison Young's Chris Cooper and Sherman on broker defections, the M&A market and pricing sticker shock
The brokerage industry experienced some of the biggest shake-ups in recent memory last year, with a series of mergers and acquisitions altering the landscape and leaving brokers reeling. Among the largest deals were CBRE’s $1.47 billion acquisition of facilities-management business Global...
The Beverly Hills office submarket is historically strong, with the kind of high rents and low vacancy that make it hard for new tenants to enter. The fourth quarter was no exception. The average rent at Class A offices in Beverly Hills...
Creative Office Turns to Adaptive Re-Use
Creative office is the next frontier in design, according to Lise Borenstein, a recently named partner at KFA. Borenstein and her colleague partner John Arnold oversee the firm’s adaptive reuse practice, which transforms historic properties into modern icons that are fully...
Beating out multiple offers, Macland Investments purchased a 10,300 SF office building (5947-5951 Variel Ave) in the Warner Center/Woodland Hills area for nearly $4.7M or $470/SF. We caught up with Lee & Associates-LA North/Ventura managing director and principal Scott Romick, who repped the seller. Scott...
Life Companies Anticipate Another Strong Lending Year for CRE
Although life companies are known for playing it safe when it comes to lending on commercial real estate, that narrow box hasn’t stopped them from doing big business in the space lately.
Many life companies reported robust lending volumes in 2015 and the expectation for the coming year is for commercial real estate lending to surpass those volumes.
“The life companies have boosted their allocations pretty much across the board,” says Michael Derk, a first vice president in the capital markets group at brokerage firm Marcus & Millichap. Life insurers are continuing to provide fairly conservative, low-leverage loans and are cautious about doing deals in secondary and tertiary markets. “But they will probably have the lowest rates around if it is a good quality asset and a good quality location with good sponsorship,” says Derk.
Last year Prudential Mortgage Capital Co. provided $14.6 billion in financing, which was driven by strong production in conventional agency loans and increasing originations in international loans. The company also announced it has as much as $15 billion available for financing in 2016. The general theme is that the real estate markets are still very healthy and fundamentally strong, and mortgages are delivering a premium relative to other fixed income alternatives, says Marcia Diaz, head of originations for Prudential Mortgage Capital.
“So as long as we can find the deals to do, we can try to feed the appetite.”
MetLife also had a big year in 2015 with its real estate investment group originating approximately $14.3 billion globally in commercial real estate loans, an 18 percent increase over the $12.1 billion originated the previous year. MetLife has set slightly higher production targets for 2016. Much of the allocation is due to the attractive relative value commercial mortgages provide, says Robert Merck, senior managing direction and global head of real estate at MetLife.
Commercial mortgages have historically provided around a 90 basis point spread over comparable corporate bonds, with much lower loss rates, according to Merck. Some of the higher production targets are due to MetLife’s growing investment management platform, which the firm launched in 2013.
Wider spreads in the CMBS market are creating more opportunities for life company lenders and banks. Back in 2006 and 2007, there was a lot of high quality business that went the CMBS route because the spreads in the sector were so low. That extreme price competition has disappeared and is sending more business to the life companies.
Yet it is getting more challenging for life insurers and other lenders to push capital out. There is still a good pace of transaction activity occurring, and refinancing demand is also expected to remain strong for the next few years. “But just in talking to our borrowers and the equity players, it is getting more difficult for them to find deals,” says Diaz. Cap rates continue to go down, which is making it more difficult for investors to buy properties and still hit their yield requirements, she adds.
A potential slowdown in transaction activity would impact the pipeline for life company lenders. And some of the transactions that are occurring have very “rich valuations” in the current market.
“So we do have to step back and see how much we want to lend here or there,” says Diaz.“My expectation is that there will still be plenty of activity, but it is going to be a little bit harder for lenders to find the right deals that they want to make their bets on.”
“We are definitely cognizant of the rising risk environment,” adds Merck. Volatility has been a key feature in the equity markets around the world this year, along with slowing global growth. MetLife is focused on providing commercial mortgages for higher quality commercial properties. “In the rising risk environment, we are also focused on ensuring we are comfortable with terms and downside stress scenarios,” he says.
For the most part, life company lenders are focusing on the four core sectors of office, industrial, retail and multifamily, as well as doing deals in the primary metropolitan regions.
“We stick to good relationships, and as our borrowers are moving to secondary markets to find more yield, we will follow them to some of those markets as relationship lenders. But, generally, we are not moving into smaller secondary and tertiary markets without those relationships,” notes Diaz.
So while 2016 is expected to be another strong production year, most life insurers remain very focused on managing risks, particularly in some property sectors and geographic areas that may be nearing the peak. In that regard, life companies will be keenly focused on “picking their spots”—going with the right borrowers and the right assets that can withstand a downturn, according to Diaz. Inevitably, that downturn is coming.
“It might not be 2016, but it is going to come in the next three years or so—that is just the way that markets work,” she says. So the focus is on making sure lenders are making the right investments that can withstand whatever the inevitable downturn is going to bring.
The Beverly Center, like many long-standing Southern California malls, is getting a makeover.
The eight-story indoor shopping center at the corner of Beverly and La Cienega boulevards will be undergoing a "comprehensive renovation," according to Robert Taubman, chief executive of mall owner Taubman Centers.
"This will be a very expensive project," Taubman said in a conference call discussing fourth-quarter earnings with analysts and investors last week. The goal is to create the city's "most exciting, dominant urban shopping and dining experience."
Beverly Center representatives declined to disclose more details ahead of an official news release scheduled for March 7.
The Beverly Center's renovation is coming at a time when shopping centers around the country are freshening their appearances to compete with that younger upstart: e-commerce. Many are adding more dining and other experiential elements to attract customers who increasingly are shopping on their smartphones and tablet computers.
Westfield Century City is in the midst of a massive $800-million makeover, including adding a Nordstrom department store and a food emporium. The Irvine Spectrum will undergo a $150-million remodel that will usher in 20 new stores.
Just a few years ago, the once-enclosed Santa Monica Place was reborn as an airy space with views of the Pacific Ocean and the Santa Monica Mountains.
Malls have typically undergone occasional face-lifts to remain relevant to shoppers, but now these changes are crucial, analysts said. Many shopping centers must upgrade or face possible extinction.
"Malls have got to change, because people are bored with malls," said Ron Friedman, a retail expert at advisory and accounting firm Marcum.
"You have got to have more entertainment in malls," he added. "They have to create an environment where you can use the Internet, and have a cup of coffee and a sandwich."
A sharp drop in traffic was evident during the holidays, usually the busiest time for retailers.
During November and December, 19% to 21% of U.S. consumers shopped at malls every week, down from 23% to 26% of consumers a year earlier, said Britt Beemer, founder of America's Research Group.
Los Angeles, like many major markets around the country, has about 20% to 25% more shopping centers than its population can support, Beemer added. Some malls will eventually have to close, he said.
The vast changes in retail are driven largely by technologically savvy millennials, Friedman said. Many prefer specialty shops to department stores, and online shopping to bricks-and-mortar stores.
"When baby boomers become older and stop shopping," Friedman said, "department stores, which are your anchors, will have major problems."
The Beverly Center's last major renovation was completed in 2001, with revamps to areas such as the food court and valet parking. A more modest remodel in 2007 focused on the escalators.
Upscale malls like the Beverly Center, whose collection of luxury brands includes Prada and Burberry, are under even more pressure to hold onto their upscale clientele, analysts said.
Wealthy shoppers go to an average of 1.5 malls on each shopping trip, down from 2.8 malls in 2001, Beemer said. Middle-class customers visit 1.2 malls per trip, down from 2.1 in 2001.
"When you are a fashion-center mall, you'd better be up to date," Beemer said. "The fashion customers are always the most critical of their shopping surroundings."
Keeping up appearances is even more important when attracting foreign tourists, especially those from Asia.
The Beverly Center gets dozens of buses of Chinese tourists a month. It hosts Lunar New Year celebrations, and also has profiles on Weibo and WeChat, two popular communication services in China.
Besides the shopping opportunities, Asian tourists want a luxurious environment for one main goal: better selfies. Many were, after all, early adopters of the selfie stick, those now ubiquitous plastic rods that better enable people to take endless smartphone photos of themselves.
"Asian consumers love taking selfies of themselves in beautiful new stores to show friends when they get home," Beemer said. "The more upscale you are in your appearance, the more they are likely to shop you."
In Southern California, the balmy weather also allows for year-round outdoor browsing. Open air shopping centers such as the Grove and the Americana at Brand have flourished, providing one-stop destinations for Angelenos to eat, shop and even loll in the grass listening to concerts.
Many malls are concentrating on expanding their food options, hoping that diners enjoying a meal out will also boost traffic to neighboring retailers.
After its remodel, Westfield Century City will get the first California branch of Eataly, the gourmet Italian food market that is co-owned by celebrity chef Mario Batali. There will also be eight acres of open space, including gardens and plazas.
Analysts said the Beverly Center probably will announce major changes to its restaurants and dining area. Revamps will also probably mix up its retail lineup.
"It's a smart move to revitalize," Friedman said. "The Beverly Center isn't that old, but it has to stay relevant."
The local economy will see slower job growth this year and next as it reaches cruising altitude, the Los Angeles County Economic Development Corp. says in a forecast to be released this morning.
“Growth is in the picture; however, the pace of job gains will become more tempered this year and next as the economy reaches ‘cruising altitude,’” LAEDC chief economist and forecast lead author Robert Kleinhenz said in the forecast.
On the jobs front, after a robust 2015 that saw employers in L.A. County add 95,000 jobs to their payrolls for a growth rate of 2.2 percent, the growth rate is expected to slow to 1.7 percent (+ 73,000 jobs) this year and a mere 1 percent (+44,000 jobs) next year.
Likewise, after a sharp drop last year, the unemployment rate is expected to remain largely stagnant at about 6 percent this year and next. That’s in sharp contrast to the plunge in the rate last year from 8 percent at the beginning to 5.9 percent in December. The forecast says the rate is expected to average 6.2 percent this year and 5.9 percent next year.
More robust growth is expected this year and next in other closely watched indicators. Per capita income growth, which averaged 3.6 percent last year, is forecast to rise 3.9 percent this year and 4.9 percent next year as long-anticipated wage gains are realized. And taxable sales are forecast to jump 5.5 percent this year and 6.8 percent next year after a “lackluster” 2.9 percent growth rate last year, giving a much-needed boost to local government coffers.
Looking at three of the county’s major industry clusters – trade, entertainment and professional/technical services – the forecast paints a mixed picture.
On the trade front, total cargo container activity at the ports is expected to remain flat as a slight rise in imports is offset by a slight drop in exports. Entertainment employment is expected to eke out a 1 percent gain as film tax credits boost sagging feature film production. On the brighter side, job gains approaching 4 percent are expected in the professional/technical services sector.
The forecast is set to be officially unveiled at the LAEDC’s annual forecast conference this morning at the Omni Hotel in downtown Los Angeles.
An office building in Woodland Hills has sold for $4.7 million.
At $470 per square foot, the price was more than double the median price per square foot of $212 in the Los Angeles North region.
The 10,300-square foot building in the 5900 block of Variel Avenue was sold to gas station operator Macland Investments for use as administrative offices.
The seller was a private investor who purchased the property in 2012. He was represented by Scott Romick, managing director and principal of Lee & Associates-LA North/Ventura.
“We marketed the property for about one month and received a number of offers,” Romick said in a prepared statement.
It was not surprising the building went for that price given that businesses are seeking to own their own buildings in order to control overhead expenses and support their branding and identity, added Romick.
San Fernando Valley based brokerages Delphi Business Properties Inc. and NAI Capital have completed the sale of a multi-tenant industrial park in Van Nuys for $8.8 million in an all-cash transaction.
Jeff Puffer, SIOR, senior vice president with Delphi, represented the property owners Camillus T. and Phyllis V. Decinces in the sale to buyer Rex Investment who were represented by NAI. The park totals 54,597 square feet between four buildings at 7730-7750 Gloria Avenue and 7739-7751 Densmore Avenue, just two blocks from the Van Nuys Airport. The buildings were 100 percent leased.
Puffer said the sale of the business park represented "a record low CAP rate for an industrial investment property in the Valley."
Yair Haimoff, an executive vice president and branch manager with NAI Capital, said the sale was indicative of what is happening in the San Fernando Valley market as a shortage of properties and strong investor demand push up prices.
Gloria Densmore Park is the largest multi-tenant industrial sale in the central San Fernando Valley this year, Haimoff said in a statement.
“There were multiple bidders for this property; both private and institutional investors,” he added. “To get this asset, my client paid over asking price with very favorable terms to seller.”
Avison Young's Chris Cooper and Sherman on broker defections, the M&A market and pricing sticker shock
The brokerage industry experienced some of the biggest shake-ups in recent memory last year, with a series of mergers and acquisitions altering the landscape and leaving brokers reeling. Among the largest deals were CBRE’s $1.47 billion acquisition of facilities-management business Global Workplace Solutions and the $2 billion merger of Cushman & Wakefield and DTZ.
Against that backdrop, Canadian brokerage Avison Young has been trying to establish its U.S. business. It opened its first Los Angeles area office in 2011 and has been steadily nabbing top talent from rival firms, such as CBRE multifamily broker Sherman and Jay Maddox of Kibel Green Inc., a turnaround advisory firm.
We sat down with Chris Cooper, a principal and managing director in the Downtown L.A. office, and Sherman to talk about the M&A frenzy, the recent flurry of broker moves and the challenges of breaking into the Southern California market.What do you think is driving the trend of high-profile brokers switching firms?
Cooper: It’s a little crazy. People used to say that when the market is real good, no one makes a move because they don’t want to rock the apple cart. Well, the market is pretty darn good and we’re still seeing quite a bit of movement going on in the market. We are going through a fairly robust and unusually active M&A environment right now. With all the M&A going on, it creates consternation in the system. It creates uncertainty for a lot of the brokers.
On that note, what do you make of the recent trend of consolidation in the brokerage business?
Cooper: You’ve got some Wall Street players that are seriously investing in and acquiring commercial real estate services firms, with the likes of what you’re seeing with Newmark, Cushman & Wakefield and others. Time will tell whether they’re wise moves or not. There are certainly jitters in the equity markets and that could have an adverse impact on some of the recently completed as well as future mergers and acquisitions. Fortunately, we don’t fall victim to those kinds of things.
We’ve been fortunate enough to pick up a good handful of folks that constitute top talent in the industry because they have elected not to be part of that new type of organization or that new environment. They’re looking for something where they have a seat at the table, where they have equity and ownership in the organization, a say in who joins and who doesn’t.
What’s AY’s secret sauce in terms of recruiting talent?
Cooper: The way you get traction is culture. We’re the last bastion of sanity in that we’re a privately held, principal owned and principal run business. Our people don’t wake up in the morning and find out that the company has been sold or merged. Those kinds of things cannot happen unless all of the principals in this organization raise their hands and say, ‘This is something we want to do.’ The challenge we’ve had here in Southern California is not diluting or otherwise poisoning the culture we’ve built in our organization.Sherman: For me, it was exciting to be able to take much more of an entrepreneurial position with a company as compared to CBRE, which was already so mature in the industry.
How are things coming along with your L.A. expansion?
Cooper: If you think about it, we opened our first door in Southern California in August of 2011 with a small group of brokers in West L.A. Four years and change later, we’re over 110 professionals in six offices delivering all service lines throughout the region. Our footprint now goes everywhere from the San Fernando Valley through West L.A., Downtown L.A., Irvine and even down to San Diego.Sherman: There’s a lot of symbiosis with me coming on to deal with multi-family with some of the already built up strength they have in retail and in office.
What are some of the most exciting trends happening in the market right now?
Sherman: One of the most exciting things about the L.A. market now is this devotion to greater density in strategic neighborhoods. You’re seeing new neighborhood centers popping up along metro line hubs. You’re seeing L.A. turn from this sort of broad sprawl to an amalgamation of small city centers. Even Playa Visa, which doesn’t benefit from the metro line, is really benefitting from the moves of major Silicon Valley companies to have major campuses. It’s becoming a real neighborhood with a town center unto itself.What about sources of capital? Are you still seeing a lot of foreign investors active in the market?
Sherman: You’ve seen a lot of capital from Asia coming into Downtown L.A. specifically on the development side as opposed to the acquisition of existing core assets. There’s talk and there’s interest in that changing but that money has really gone into entitled land so far.
Cooper: Some of the foreign money is beginning to get a little bit of sticker shock, especially in the core markets like Downtown L.A., West L.A., Silicon Beach and the Bay Area. We’re advising a lot of our clients who are looking to get some level of returns to begin to look in secondary or tertiary markets, be they El Segundo, Anaheim or other off-core markets. It’s just become so expensive and we’re seeing such cap rate compression that it’s brutal.
The Beverly Hills office submarket is historically strong, with the kind of high rents and low vacancy that make it hard for new tenants to enter. The fourth quarter was no exception.
The average rent at Class A offices in Beverly Hills rose to $5.23 a square foot a month in the fourth quarter, according to data from JLL, up from $5.08 in the third quarter. Rents were significantly higher than the $4.49 Westside average.The 6.8 million square feet of office space in the submarket saw 6.2 percent vacancy in the fourth quarter, up slightly from 6 percent
in the third quarter but down from 7.2 percent in the same period a year ago. It fared much better than the Westside as a whole, which averaged 13.2 percent vacancy.
However, the submarket saw negative absorption of 23,839 square feet. The Westside as a whole outperformed Beverly Hills from an absorption standpoint. The market saw 767, 340 square feet of positive absorption in the fourth quarter, coming out of a period of negative absorption in the third.
No construction was completed in Beverly Hills in the fourth quarter.
- Hannah Miet
Creative Office Turns to Adaptive Re-Use
Creative office is the next frontier in design, according to Lise Borenstein, a recently named partner at KFA. Borenstein and her colleague partner John Arnold oversee the firm’s adaptive reuse practice, which transforms historic properties into modern icons that are fully functional in today’s world. While it is most common in multifamily, adaptive re-use projects are becoming more and more common as Los Angeles undergoes a real estate renaissance.
“We are always searching for new markets to employ our expertise. Creative office is one vast new frontier,” Borenstein tells GlobeSt.com. “Developers want that x-factor that attracts millennials and high-value tech and media employers. So we establish amenity-rich spaces for live, work and play within a non-corporate environment, often in historic buildings such as Hollywood’s 1923 Taft building.”
With so much construction in Los Angeles, some might think that there is a shrinking pool of adaptive reuse possibilities; however, Arnold tells GlobeSt.com that as adaptive re-use incorporates 1970s product, there is a huge supply of properties that can be renovated and reimagined. “At one point we feared our challenge would be running out of worthy historic properties, but there always seems to be more buildings and new ways to adapt,” he says. “Today there is a shift to places that were hot in the 1970s and have faded to C-class. The trick is not to recreate the 1970s style. It is more effective take their good bones—lots of light and a lot of glass with a good retro vibe—and clean it up by gutting the ceilings and creating volume spaces, or punching through walls to bring in light and create interesting moments in the experience of the place.”
With the two newly appointed partners at the helm, the firm’s approach to adaptive reuse will continue to evolve, especially as the pool for properties continues to grow. “Perhaps most advantageous of all, developers are no longer restricted to the building stock in DTLA or Hollywood,” adds Arnold. “There are good 1970s properties in the Valley, Century City, South Bay, all over the city.”
Applying adaptive reuse to the office sector, however, has its challenges—especially considering the varying uses and flexibility needed for office use versus home use. “One challenge is to literally expand office opportunities to large-scale spaces, such as the MGA Entertainment Master Plan in Chatsworth: a 24-acre, former printing facility reemerging as a new corporate, residential and retail campus,” says Borenstein. “We are seeing huge enthusiasm for how such large buildings accommodate open floor plans so desired by creative users.”
Arnold and Borenstein were appointed to partner along with Jonathan Watts, and together, the three will oversee the design across product types for the firm.
Beating out multiple offers, Macland Investments purchased a 10,300 SF office building (5947-5951 Variel Ave) in the Warner Center/Woodland Hills area for nearly $4.7M or $470/SF. We caught up with Lee & Associates-LA North/Ventura managing director and principal Scott Romick, who repped the seller.
Scott (shown above with his daughter, Jordan, at the University of Colorado, Boulder) tells us only five office properties in the range of 6k to 12k SF have been sold in Warner Center over the past decade. As a result, there was a great deal of interest in the property. “We had four offers in just the first few weeks of marketing,” Scott says. After Macland Investments, which operates gas stations, was chosen as the buyer, there was an “expedited close,” but other buyers continued to express an interest even during escrow, he says. The interested parties were from a wide range of uses, including general office, entertainment production and medical, Scott tells us. Macland Investments plans to use the building for administrative offices.SALES
A multifamily building (467 S Bonnie Brae St) in Westlake sold for $3.77M. The non-rent-controlled, 18-unit apartment building was sold at $209,444/unit, reportedly the highest on record for the immediate neighborhood. Transwestern’s SVPs Josh Kaplan and SVP John Swartz repped the buyer and seller in the transaction.Stepp Commercial completed the $7.9M sale of a 55-unit apartment property (3627 West 104th St) in Inglewood in an off-market transaction. The building has 43 one-bedroom units and 12 two-bedroom units. The seller made improvements to the property. The buyer plans to hold the asset long-term. Robert Stepp and Mark Witsken of Stepp Commercial repped the buyer, who is a private investor from Inglewood. NW Real Estate Brokers’ Matthew Pernice repped the seller, Ellis Brutman Jersey Properties. The transaction closed at a 4.92% cap rate.
*** NAI Capital sold Gloria Densmore Park, a 54,597 SF multi-tenant industrial business park in Van Nuys, for $8.78M or $160.87/SF. The property has four buildings (7730-7750 Gloria Ave and 7739-7751 Densmore Ave) with each unit ranging in size from 1k to nearly 4k SF, and was 100% leased at the time of the transaction. The property has three separate parcels, totaling around two acres. NAI Capital repped the buyer, REX Investment. Camillus T. and Phyllis V. Decinces were the sellers. NAI Capital EVP and branch manager Yair Haimoff, who completed the sale, says the buyer paid more than the asking price.Universe Holdings paid $5.82M for two apartment buildings (617 E 97th St and 822 Myrtle Ave, pictured above) near the future Inglewood NFL stadium and Hollywood Park. The buildings have 27 units total with two- and three-bedroom floor plans. Around $750k of interior and property improvements are planned.
*** CBRE sold the Citibank building in Santa Monica for $6.25M to an affiliate of KLM Equities, a private real estate investor out of New York. The 2,200 SF building (2301 Wilshire Blvd) was sold for more than $2,800/SF, making it one of the highest price-per-foot sales for a single-tenant bank branch in LA, according to the brokers. CBRE’S Alex Kozakov and Patrick Wade repped both the seller, an undisclosed private developer based in West LA, and the buyer. There were nearly a dozen all-cash offers for the property.Stockdale Capital Partners bought medical office buildings in Beverly Hills (9090 Wilshire Blvd), pictured above, and Santa Monica (2825 Santa Monica Blvd). The Beverly Hills building is a Class-A 51,570 SF medical office.The Santa Monica building (pictured above) is 54,930 SF and anchored by UCLA Health. The acquisitions were made as part of a $100M JV with a global alternative asset manager. Eastdil Secured repped the seller of 9090 Wilshire Blvd. Madison Partners repped the seller of 2825 Santa Monica Blvd. Union Bank’s Nicholas Nouvel and Craig Dowd arranged the financing.
*** LEASING Digital Domain arranged a long-term lease extension for its 51,320 SF corporate headquarters (12641 Beatrice St) in Playa Vista. The visual effects studio has been there for nine years. The property was converted from a warehouse to creative space and includes a performance capture studio. Savills Studley’s SVP and branch manager Josh Gorin and associate director Marcus Arredondo repped Digital Domain.GROUNDBREAKING
Meta Housing Corp broke ground on the Downtown Hayward Senior Apartments (808 A St), a new, mixed-use, 60-unit affordable housing development for seniors in Hayward. The development will include around 6k SF of retail space. The one- and two-bedroom apartments are being developed in partnership with Community Home Builders and Associates. Financing the project are Redstone Equity Partners; Enterprise Community Partners; Citibank; CalHFA; Federal Home Loan Bank of San Francisco; the State of California Department of Housing and Community Development; the Alameda County Housing and Community Development Department; the California Community Reinvestment Corp; and the California Tax Credit Allocation Committee. Eugene Lee, California Department of Housing and Community Development; Hayward City Council Member Marvin Peixoto; Hayward Mayor Barbara Halliday; Richard Valley, Supervisor, Second District of Alameda County; Hayward City Council Member Al Mendall; Hayward City Council Member Sara Lamnin and Meta Housing SVP Aaron Mandel are pictured from left to right. The property’s amenities will include a courtyard, a computer and multimedia room, a kitchen, a library and a fitness center.
Jeanne Lazar has joined Westwood Financial Corp as CFO. Jeanne has more than 20 years in commercial real estate finance. She'll oversee all of the finance and accounting for the company. She was previously VP and CFO at Topa Management and was MPG Office Tr
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