A developer duo secured a $63 million refinance on their recently built creative office and apartment complex in Marina Del Rey.
Steaven Jones Development and Creative Office Properties landed the loan on INclave, their 49-unit mixed-use property at 4065 Glencoe Avenue.
Acore Capital provided the long-term loan, which will pay down the construction loan from City National Bank, records show. Bellwether Enterprise, which brokered the new debt, announced the deal. The financing carries an interest rate in the high 3-percent range, and includes three years of interest-only payments, Bellwether said.
Marketed as a live-work complex, INclave includes 65,000 square feet of creative office space in addition to the apartments, along with a cafe.
Steaven Jones and Creative Office bought the site for $17 million in 2016 and completed construction on the project in 2019.
Acore Capital has financed a number of mixed-use projects in Los Angeles. Last year, it provided $81 million in construction financing for Cityview’s mixed-use project near the University of Southern California, which will include 296 residential units and around 5,000 square feet of retail space.