Valley of the Dollars: Square Mile provides $82M loan on Reseda project

Gelt and Uhon Inc. will build 250-unit apartment complex

Los Angeles /
Dec.December 24, 2020 02:26 PM
Square Mile’s Craig Solomon and a rendering of 6625 Reseda Boulevard in Reseda (Square Mile)
Square Mile’s Craig Solomon and a rendering of 6625 Reseda Boulevard in Reseda (Square Mile)
 

Square Mile Capital provided an $82.2 million construction loan to the developers of a planned 250-unit apartment building in Reseda.

The borrowers, Gelt and Uhon Inc., intend to build the complex at 6625 Reseda Boulevard in the San Fernando Valley, Square Mile said. 

While there won’t quite be a freeway running through the yard — to steal a line from Tom Petty — the 109,000-square-foot Reseda site does sit at the intersection of the 405 and 101 highways.

Countywide, apartment construction loans have been increasingly difficult to lock down during the pandemic. This week, WSC Communities said it was looking to sell off 23 different mixed-use sites in Santa Monica — to build up to 2,100 units — citing difficulty obtaining the necessary financing.

Square Mile has been a relatively active lender during the pandemic. The firm recently provided a $211 million loan on an apartment building in Southwest Washington, D.C.

Multifamily sales activity in L.A. County has slowed this year. The five largest investment sales involving apartment developments totaled $646 million, less than half the amount of 2019. 

Tarzana-based Gelt — led by Steve and Keith Wasserman — picked up several properties in the San Fernando Valley in the last few years. In early January, the company announced plans to significantly expand its multifamily holdings in Southern California, along with six states across the Western U.S.

Uhon, a private equity firm tied to China homebuilder Shenzhen Yuhong, has a portfolio of at least nine multifamily buildings in Southern California, according to its website. 


Related Articles

arrow_forward_ios
Howard Schwimmer, Michael S. Frankel,a nd Howard Marks, with the property (Credit: NKF via Commercial Observer)
Rexford adds to massive industrial portfolio with $22M purchase
Rexford adds to massive industrial portfolio with $22M purchase
Sean Beddoe and 5600 Hollywood Boulevard (Credit: Google Maps)
Bow West wants to build 200-unit tower in Hollywood
Bow West wants to build 200-unit tower in Hollywood
6725 West Sunset Boulevard in Hollywood with Vanbarton Group’s Richard Coles and Global Atlantic chairman and CEO Allan Levine (Google Maps)
Vanbarton lands refi on creative office building after special servicer transfer
Vanbarton lands refi on creative office building after special servicer transfer
Lebron James and his Brentwood home (Getty, Redfin)
Loss for LeBron? King James lists Brentwood mansion
Loss for LeBron? King James lists Brentwood mansion
Cityview CEO Sean Burton, Acore's Anthony Marconi and a rendering of the project (Cityview, Humphreys & Partners Architects, Google Maps)
Acore behind $81M loan on Cityview resi project near USC
Acore behind $81M loan on Cityview resi project near USC
Jamie-Lynn Sigler and Cutter Dykstra with their Valley Village home (Getty, Compass)
“Sopranos” star Jamie-Lynn Sigler sells San Fernando Valley home
“Sopranos” star Jamie-Lynn Sigler sells San Fernando Valley home
CIM Group's Shaul Kuba and an aerial view of the project site (Getty, Google Maps)
CIM Group plans another Hollywood apartment complex
CIM Group plans another Hollywood apartment complex
Freddy Wexler and his new Beverly Hills home. (Getty, Jade Mills Estates)
“Stuck With U” songwriter drops $13M for Beverly Hills manse
“Stuck With U” songwriter drops $13M for Beverly Hills manse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...