Walker & Dunlop has closed three financings totaling $77.2 million for three condominium developments in Southern California, Real Estate Capital has learned.
The properties include Element 436 in Los Angeles’ Koreatown; Enclave, in Oxnard; and ONYX, in the Beverly Hills/West Hollywood market.
“The three transactions demonstrate the strength of condominium developments as an emerging business plan in Southern California, as minimal construction of these property types has occurred since the recession of 2008,” said Gabriel Weinert, senior vice president of Walker & Dunlop.
Weinert secured “high leverage non-recourse acquisition and construction financing” from a family office sponsored investment manager and placed limited partner equity from high net worth individuals.
A representative from River Range, the borrower on both Element 436 and Enclave, said that the firm expects to deliver its condominiums to the market this year. The plan is to convert 74 newly constructed multifamily units into for-sale condominiums.
The remaining $15 million of debt and equity went to owner The Barkley Group for ONYX, a 14-unit condominium project in the Beverly Hills/West Hollywood submarket that is currently under construction and scheduled to open within 14 months.
Weinart has closed over $175 million in total loan origination volume in 2015.
Walker & Dunlop recently provided $154 million in Freddie Mac financing against Solow Residential’s Two Sutton Place North at 1113 York Avenue on Manhattan’s Upper East Side, as reported in Real Estate Capital this week.