Irvine Company Secures $157M Multifamily Refi in L.A.’s Playa Vista
Capital One provided the Fannie Mae loan for the 309-unit luxury property
By Greg Cornfield October 30, 2026 3:05 pm
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Irvine Company has secured a $157.2 million refinancing loan from Capital One for a 309-unit luxury apartment property in Los Angeles’ Playa Vista neighborhood.
The new Fannie Mae loan replaces a previous $136 million loan originated by PGIM, representing a roughly $21 million increase in financing, according to Yardi Matrix data cited by Multihousing News. The terms and maturity date of the new loan were not disclosed.
The property, Villas at Playa Vista – Montecito, opened in 2016 at 12855 Runway Road. The community features one- and two-bedroom apartments averaging 1,113 square feet, along with a swimming pool, a fitness center, coworking space and conference rooms.
Irvine Company acquired the land from Brookfield in 2015, and developed the building alongside two other apartment communities: the 703-unit Sausalito and the 491-unit Malibu. The three properties total 1,503 apartments.
The communities are part of the larger, 460-acre Playa Vista master-planned development, which transformed land formerly occupied by Howard Hughes’ aerospace operations. The neighborhood now includes more than 6,000 apartments, approximately 3 million square feet of office space and more than 200,000 square feet of retail.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
