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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.
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| 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.
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| 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
