Month: July 2024

A lender to FMB Development’s Ilan Kenig claims the developer has refused to leave a home in Pacific Palisades after losing it to foreclosure. VIG Private Lending, a hard money lender run by Vladimir Valsky, filed a lawsuit against Kenig and his wife Avivit earlier this month, claiming Kenig has refused to let the lender…

Judy Garland’s former Bel Air home, built the same year she was cast in “The Wizard of Oz,” has traded for $11.1 million, The Real Deal has learned. Escrow closed Friday on the nearly 2.7-acre estate at 1231 Stone Canyon Road. Property records show a trust tied to Jill and Merrill Chozen sold the home.…

Banc of California is unloading $2 billion in residential real estate loans, which it acquired after its merger with Pacific Western Bank last year.  The Brentwood-based bank is selling the business-purpose mortgage loans picked up after it bought the Beverly Hills bank in a rescue deal, Bloomberg reported, citing unidentified sources. The sale is being…

Bain Capital has bought a majority stake in Archwest Capital, which loans money to residential real estate investors, for undisclosed terms. The Boston-based investor bought the Irvine-based lender led by Shawn Miller, whose management team will retain a “significant minority stake,” Housing Wire reported, citing an announcement from the firms.  Archwest provides financing for home…

Iconiq Capital is looking to sell two apartment towers in Downtown Los Angeles managed by Sentral, which focuses on providing hotel-like amenities and offering short-term rentals, The Real Deal has learned.  The firm is selling the 300-unit 732 Spring Street and 275-unit 755 Spring Street, according to marketing materials for the properties. A team led…

A Holmby Hills megamansion owned by a former Armenian politician will be forfeited to the U.S. government and sold off for “the highest obtainable market price,” federal prosecutors said Monday. The forfeiture of 530 South Mapleton Drive ends a two-year case involving Gagik Khachatryan and his family in which the Department of Justice alleged bribery…

Trojan Storage got a thumbs up to build a self-storage facility in Sylmar mated with 25 apartments above offices and art studios. The El Segundo-based developer led by Bret Henry was approved to build the 193,000-square-foot complex at 13260 West Maclay Street, Urbanize Los Angeles reported. The project would involve bulldozing a 22-unit apartment complex.…

Newmark has snagged a top executive at CBRE with a background in multifamily to run its real estate office in West Los Angeles. The New York-based brokerage hired Dean Zander to serve as vice chairman for its hub in Century City, the Commercial Observer reported. He starts this month.  Zander brings to Newmark over three…

Hillcrest Real Estate wants a government handout to help pay for an 18-story addition to the Hilton Universal City hotel next to Universal Studios Hollywood. The firm, based at the same Studio City office as Sun Hill Properties, both led by Mark Davis, has asked the City of Los Angeles for financial help to build…

California Landmark Group has beat back a union-supported appeal trying to block a 108-unit apartment complex in Hollywood. The Los Angeles City Council rejected the appeal and approved an environmental study for the eight-story complex proposed by the West L.A.-based developer at 1201 North Gower Street, Urbanize Los Angeles reported. It would replace a 28-unit…