Developers nab $63M refi on Marina Del Rey live-work complex

Acore Capital provided loan on 49-unit INclave, which opened in 2019

Los Angeles /
Aug.August 25, 2021 03:30 PM
Steaven Jones Development and Creative Office Properties CEO Lawry Meister, SJDC Chairman Steaven K. Jones, Acore Capital’s Anthony Marconi with INclave (SJDC, Acore, INclave)
Steaven Jones Development and Creative Office Properties CEO Lawry Meister, SJDC Chairman Steaven K. Jones, Acore Capital’s Anthony Marconi with INclave (SJDC, Acore, INclave)

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.





    Related Articles

    arrow_forward_ios
    Brookfield Properties' Brian Kingston and 601 South Figueroa Street (Brookfield Properties, Getty, Loopnet)
    Brookfield looks to sell DTLA’s Figueroa tower
    Brookfield looks to sell DTLA’s Figueroa tower
    Google CEO Sundar Pichai, Hudson Pacific Properties CEO Victor Coleman and One Westside at 10800 Pico Boulevard (Hudson Pacific Properties, Getty)
    Google denies any construction delays at One Westside
    Google denies any construction delays at One Westside
    WeWork CEO Sandeep Mathrani and WeWork Lantana at 3000 Olympic Boulevard in Santa Monica (WeWork, Illustrtaion by The Real Deal with Getty)
    WeWork, L.A. Chamber link for back-to-office push
    WeWork, L.A. Chamber link for back-to-office push
    Google CEO Sundar Pichai, Hudson Pacific Properties CEO Victor Coleman and One Westside at 10800 Pico Boulevard (Getty, Hudson Pacific Properties)
    Google faces delays on One Westside buildout
    Google faces delays on One Westside buildout
    621 Hawaii Street (LoopNet)
    Office-industrial portfolio costs BLT Enterprises $150M
    Office-industrial portfolio costs BLT Enterprises $150M
    2600-2800 Colorado Avenue in Santa Monica with Worthe Real Estate Group's Jeffrey Worthe and Lionsgate CEO Jon Feltheimer (Loopnet, Getty)
    Lionsgate seeks to sublease part of Santa Monica HQ
    Lionsgate seeks to sublease part of Santa Monica HQ
    Virgin Hyperloop Interim CEO/CFO and Board Member Raja P. Narayanan and ROW DTLA (ROW DTLA, LinkedIn/rajanarayanan)
    Virgin Hyperloop moves HQ to Atlas Capital’s Row DTLA
    Virgin Hyperloop moves HQ to Atlas Capital’s Row DTLA
    Mark Parrell; The Vantage Hollywood and Breakwater Apartments in Marina del Rey (Michigan Ross, Equity Residential, Getty)
    LA tenants sue Equity Residential over background checks
    LA tenants sue Equity Residential over background checks
    arrow_forward_ios

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

    Loading...