AXA Equitable to ink $106M loan for Warner Center deal

Angelo, Gordon & Co. and Lincoln Property are paying $150M for pair of Woodland Hills office towers

Dec.December 19, 2016 12:00 PM
The LNR Warner Center at 21215 Burbank Boulevard; Adam Schwartz, Angelo, Gordon & Company’s head of U.S./Europe real estate; and David Binswanger, Lincoln Property’s senior executive vice president

Insurance giant AXA Equitable will provide $106 million in debt to finance Angelo, Gordon & Co. and Lincoln Property Company’s purchase of two office buildings at Woodland Hills’ Warner Center, according to Commercial Mortgage Alert.

The two companies are under contract to pay about $150 million, or $295 per square foot, for the properties, at 21215 and 21255 Burbank Boulevard. They are requesting either a fixed or floating rate over a five-year term, CMA said.

Newmark Grubb Knight Frank’s Kevin Shannon, Laura Stumm and Rob Hannan brokered the sale and the loan agreements.

The seller is Starwood Capital Group of Greenwich, Conn., which claims a portfolio worth $9.5 billion, and is the country’s largest commercial mortgage REIT by market capitalization.

The property comprises two six-story buildings with a total 510,000 square feet at 21255 and 21215 Burbank Boulevard. The buildings are more than 80 percent occupied by tenants including software firm Intuit and the insurance company New York Life.

Dallas-based Lincoln Property has an extensive commercial portfolio in L.A., including the $135.5 million Wateridge complex in West L.A. Angelo recently sold its Cerritos Corporate Center to Black Equities for $62 million in September.

Houston-based real estate firm Hines is also rumored to be selling its five buildings at the Warner Center amid speculation of a potential loan default, TRD reported. [Commercial Mortgage Alert] — Gabrielle Paluch

Related Articles

Larry Green, Unibail-Rodamco-Westfield’s EVP for US Development, and a drawing of the planned stadium (Credit: Unibail-Rodamco-Westfield)

Billion-dollar Warner Center megaproject faces another hurdle

Larry Green, Unibail-Rodamco-Westfield’s EVP for US Development, and a drawing of the planned stadium (credit: Unibail-Rodamco-Westfield)

Westfield Promenade stadium clears major hurdle in approvals

6033 N. De Soto Avenue (Credit: Google Maps)

Development plans at Warner Center now include a 190-unit senior facility

LPC's David Binswanger, Angelo Gordon's CEO Michael Gordon and the property (Credit: Yardi Matrix)

Big ticket item: Campus @ Warner Center hits market for $215M

Still on the market, Warner Center tower will get $50M creative office conversion

Proposal for entertainment arena at Warner Center advances amid larger development

Hanover Co. secures construction loan for resi project in booming Warner Center

Douglas Emmett plans office complex amid Warner Center redevelopment