Balaciano Group, formerly known as California Home Builders, has scored $238 million in loans to refinance two of its multifamily developments in Warner Center.
The firm, run by Shawn Evenhaim, scored a $136.5 million loan from Morgan Stanley on the 347-unit Q Topanga, and a $101.5 million construction loan from U.S. Bank and California Bank & Trust for the 376-unit Q De Soto, according to a release.
“It’s all relationship-based lending now,” Evenhaim said, referring to how many lenders have scaled back on offering up cash on commercial properties as interest rates have risen. Terms of the loan, however, were not disclosed.
The loan on The Q Topanga, located at 6263 Topanga Canyon Boulevard, will replace construction financing from U.S. Bank. U.S. Bank provided a $90 million construction loan for the project in 2019, according to records filed with L.A. County.
Balaciano started work on The Q De Soto, located at 6109 De Soto Avenue, last year and is set to open in 2025, according to the development’s website. Evenhaim’s firm bought the site — formerly an office building — for $16.1 million in 2017, records show.
Evenhaim decided to change the firm’s name to reflect the fact that the company is doing more than just building homes now. Balaciano is Evenhaim’s mother’s maiden name.
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“We started in 1994, when we were building homes,” Evenhaim said. The firm then pivoted to multifamily projects. In 2016, after the city of L.A. passed Measure JJJ requiring developers either provide affordable units or pay a fee in lieu of the units, Balaciano pivoted to large, mixed-use projects.
Both The Q Topanga and The Q De Soto have commercial portions — the latter will have about 69,000 square feet of commercial space, according to the release.