Month: July 2024

Onni Group has refinanced three properties across Los Angeles County as part of a $1 billion debt deal on eight complexes across the county and Chicago.  The Vancouver-based firm scored $297.5 million on two apartment buildings — Onni East Village in Long Beach, and SMB Hollywood in Hollywood — and Level Los Angeles, a short-term…

Orange Assessor Claude Parrish has launched a battle over taxes with developers of workforce housing, which risks killing subsidized rents for the “missing middle.” Parrish contends developers, known as “project administrators” in housing regulations, should be taxed under an 85-year-old state “possessory interest” law he claims requires administrators of workforce housing pay taxes because they’re…

MetLife Investment Management foreclosed on an El Segundo office building owned by Starwood Capital and Artisan Ventures, The Real Deal has learned.  MetLife paid $72.8 million for 1960 East Grand Avenue through a non-judicial foreclosure last month, according to a trustee’s deed filed with Los Angeles County.  Starwood and Artisan owed $83.9 million under a…

Multifamily investor Patrick Carroll arrived at Los Angeles court Friday appearing to hold himself accountable for the actions that led to his arrest earlier this week by Los Angeles police. Carroll, who was released from jail late Wednesday afternoon, faces charges of carrying a loaded firearm in public and evading police, according to court records.…

Developer Fariborz Moshfegh has revisited a controversial plan to raze a 100-year-old apartment complex in Hollywood and replace it with a 10-story hotel. The head of Whitley Apartments, a limited liability company based in Palms, has resubmitted plans to build the 156-room hotel at 1719 North Whitley Avenue, Urbanize Los Angeles reported. It would replace…

Office leases have slowed and rents have fallen across greater Los Angeles, with distress in the market sector expected to rise through the year. Some 2.7 million square feet of office leasing deals closed across Los Angeles County in the second quarter, 18 percent fewer than the prior period, according to the Commercial Observer, citing…

Multifamily mogul Patrick Carroll was released from police custody in Los Angeles late Wednesday, after being arrested earlier this week, The Real Deal has learned. The investor was released on his own recognizance, meaning he was not required to post bail or a bond, according to Los Angeles County Sheriff records.  A spokesperson for Carroll…

Shopoff Realty Investments has moved forward with a plan to build 250 homes and a 215-room boutique hotel atop a former oil tank farm in Huntington Beach. The Irvine-based developer led by Bill Shopoff has scheduled a hearing with the California Coastal Commission to consider approving the project on the former Magnolia Tank Farm west…

The Los Angeles luxury residential market’s top deal to go under contract last week was a  condo at the Rosewood Residences Beverly Hills. The unit is one of 16 signed contracts counted last week by the Eklund Weekly Luxury Report for Los Angeles County. The weekly roundup includes signed contracts on properties above $4 million.…

Linkhome Holdings wants artificial intelligence to help buyers find and buy homes, and plans to raise $12.1 million in an initial public offering to help them do it. The Irvine-based startup led by Bill Qin registered with the Securities and Exchange Commission last month, with plans to raise the money in an IPO at an…