PGIM Lends $115M for West Los Angeles Apartment Complex
The Ventana includes 405 units built in 2007
PGIM Real Estate appears to be all in on Southern California.
The firm is set to provide $115 million in financing for a 405-unit low-rise community in Playa Vista on the Westside of Los Angeles. JLL (JLL) on Thursday announced the five-year, full-term, interest-only loan and arranged the financing on behalf of the borrower, Barings Real Estate.
The Ventana luxury apartments were completed in two phases in 2007 with units ranging from studios to three bedrooms that average 1,049 square feet. The property at 7225 and 6565 Crescent Park also includes two clubhouses, two swimming pools, a spa, a business center and a fitness center.
The JLL team was led by Chris Drew, Annie Rice, Brandon Smith and Gyasi Edmondson.
“The selected lender was able to understand the story of the local market and trend towards stabilization after the turbulence caused by COVID-19,” Rice said in a statement.
PGIM Real Estate, which serves as the $210 billion global asset financing business of Prudential Financial, has seemingly been the most active lender in Southern California of late. Earlier this month, Commercial Observer reported PGIM provided $143.5 million for a pair of newly constructed multifamily projects in L.A., and the firm has led a string of loans for industrial properties and portfolios around the region.
Meanwhile, Barings, a subsidiary of MassMutual, is a global investment management firm with more than $347 billion across public and private fixed-income, real estate and specialist equity markets.
Gregory Cornfield can be reached at firstname.lastname@example.org.