$150 million construction loan arranged by HFF for Los Angeles mixed-use development

Runway mixed-use project rendering, Playa Vista, CA 

LOS ANGELES, CA - HFF announced it has arranged $150 million in construction financing for Runway, an urban, mixed-use development in the West Los Angeles community of Playa Vista. 

David
Binswanger

                The development team of Lincoln Property Company and Phoenix Property Company has begun construction on the site, which will consist of 420 multi-housing units and approximately 250,000 square feet of mostly retail space. 

Scheduled for a grand opening in 2014, Runway will be anchored by a first-class slate of retail tenants that include Whole Foods, Cinemark Theaters and CVS.

                HFF worked on behalf of the borrower to secure the loan through a syndicate of banks led by Bank of America.  HFF also arranged the equity financing through Alcion Ventures, a Boston-based real estate private equity firm. 

Doug Bond

                David Binswanger, executive vice president of Lincoln Property Company, commented, “Our company has been involved with Playa Vista since 2006 when we developed more than 800,000 square feet of creative office space in Playa Vista.  

"We are excited to have partners who have the same vision as we do, and we look forward to continuing our commitment to the community by offering a visionary project that will be Playa Vista’s ‘Town Center.’”

                Runway will be the entertainment and retail hub of Playa Vista, the first new community to be established on the westside of Los Angeles in more than 50 years. 

                “We are very excited to have capitalized the development of Runway and look forward to seeing the energy and excitement that will follow its successful completion,” said Doug Bond, senior managing director of HFF in Los Angeles, who represented the sponsors in this transaction.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com