Oaktree Capital Lends $125M Toward L.A. County Mixed-Use Complex
The mostly multifamily building, developed by Amidi Real Estate Group, was 95% occupied before the financing deal closed
By Nick Trombola December 17, 2025 1:40 pm
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A Southern California developer has landed a nine-figure financing package tied to a mixed-use property in one of Los Angeles County’s tightest multifamily submarkets.
Amidi Real Estate Group secured $125 million toward TenTen Campus, a 228-unit apartment complex in Downtown Glendale, Calif. JLL’s Chris Gandy, Ethan Habecker and Max Mraz represented Amidi in debt negotiations with lender Oaktree Capital Management. The financing will allow Amidi to pay off existing construction debt and preferred equity while landing new capital for future operations, per JLL.
“TenTen Campus represents the newest Class A inventory in a supply-constrained market with strong fundamentals,” Gandy said in a statement. “The property’s premium location in Downtown Glendale, combined with its high-quality construction and amenity package, positions it well to achieve full stabilization.”
The eight-story complex, which received its temporary certificate of occupancy in late 2024 and had reached 95 percent occupancy before the deal with Oaktree closed, also features roughly 5,200 square feet of ground-floor retail space. Its location at 414 North Orange Street places it within walking distance of major shopping hubs such as Americana at Brand and the Glendale Galleria mall.
The Tri-Cities region in L.A. County, which encompasses Glendale, Burbank and Pasadena, has among the lowest existing apartment inventory at 74,986 units and among the highest average rents across the county at $2,437 per month, according to a recent market report from Colliers. Indeed, the Glendale City Council is risking a $34 million fine with its rejection of Trammell Crow Residential’s plan to redevelop a former Sears site into 682 residential units, despite lacking adequate findings for denial under California state law, according to the city’s own attorney.
“The Glendale submarket continues to benefit from healthy rental growth, low vacancy rates and limited new supply,” Habecker added in a statement. “TenTen Campus is well positioned to command top-of-market rents given the limited high-quality multifamily options available to renters.”
Nick Trombola can be reached at ntrombola@commercialobserver.com.
