Decron Properties lands $125M refi for Playa del Rey multifamily complex

The property is near Los Angeles International Airport, which is undergoing a massive expansion

Jul.July 02, 2019 03:00 PM
Playa del Oro and Decron Properties CEO David Nagel
Playa del Oro and Decron Properties CEO David Nagel

Decron Properties has refinanced its large multifamily complex near Los Angeles International Airport, which is in the middle of a massive expansion effort.

Mid-Wilshire-based Decron landed a $125 million mortgage for its 405-unit Playa del Oro complex, Commercial Observer reported. Barings, a subsidiary of insurance giant MassMutual, provided the financing, which has a 10-year term.

Located at 8601 Lincoln Boulevard, the five-story property includes 28,000 square feet of retail space. Eight commercial tenants lease at the property, including LA Fitness and a UPS Store. There is also a spa, swimming pool and business center.

Seth Grossman and Jackie Tran of Meridian Capital Group represented Decron in the deal.

Led by CEO David Nagel, Decron specializes in acquiring, developing and managing multifamily properties. The company also owns apartment buildings in Westwood, West Hollywood and Koreatown, among others.

In addition to the LAX expansion, owner Los Angeles World Airports is in the early stages of a long-planned 340-acre LAX Northside Plan. The site was divided into two separate parcels between Playa del Rey and Westchester. [CO]Natalie Hoberman

Related Articles

A map of Westlake (Credit: Google Maps and iStock)

Developers are digging into multifamily projects in Westlake

Ken Gladstein in front of 630 Masselin Avenue

Multifamily investor Sares-Regis bets big on Miracle Mile

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Relevant Group’s Richard Heyman and the project site (Credit: Google Maps)

Relevant Group plans 87-unit apartment complex in South LA

A rendering of the project

Developer files plans to build 87-unit apartment complex in Pico Union

A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone