Los Angeles – Parkview Financial announced today it has provided a $28 million loan to Los Angeles-based Sandstone Properties, Inc. to refinance an existing loan and to finance the pre-development of a 35-story multifamily development and four-story hotel conversion at 6400 Canoga Avenue in downtown Woodland Hills, CA.
The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot (sf) Class B multi-tenant office building and 457 surface and structured parking spaces.
Sandstone Properties acquired the asset in February 2018 and has since obtained entitlements to develop a 650-unit, 35-story high-rise apartment building on the location of the existing parking structure. The entitlements also allow for the 10,000-sf expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel.
“With substantial development experience in all sectors, Sandstone Properties has successfully executed many significant multifamily and hospitality projects in the greater Los Angeles area and we are pleased to provide financing to move this project forward,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Parkview was able to provide the borrower with a highly structured financing facility tailored to its business plan as well as certainty of execution at an otherwise turbulent time in the financial markets.”
Rahimian added, “Although downtown Woodland Hills has seen a surge in the development of mid-rise apartments over the past few years, a high-rise tower and a luxury hotel don’t currently exist. We believe this project will provide much-needed housing and lodging space that will enhance the area.”
Downtown Woodland Hills is currently experiencing a revitalization around the 2035 master plan. A former mall located near the asset as well as an adjacent office building have been purchased by the owner of the Los Angeles Rams, Stan Kroenke. It been widely reported and speculated that this will house a practice facility for the Los Angeles Rams, as well as new office and multifamily.
The architect for 6400 Canoga Avenue is WATG (Wimberly, Allison, Tong & Goo) with offices in London, Singapore, Istanbul, Honolulu, Irvine, Los Angeles, New York, Seattle, and Chicago. The interior design is being done by EDG Design, a global hospitality design and branding studio headquartered in the Bay Area. A general contractor has not yet been named.
