Month: August 2024

A bankruptcy court has approved affordable housing developer National Community Renaissance’s acquisition of a bankrupt 309-key hotel near Ontario Airport, The Real Deal has learned.  The non-profit, known as National CORE, bought the Ontario Airport Hotel and Conference Center, a 10-story property at 700 North Haven Avenue, for $20.7 million, court records show. The 200,000-square-foot…

Commercial real estate isn’t a bank’s favorite asset class right now. Many financial institutions are pulling away from lending on real estate projects, as distress has risen and values have dropped.  For Kennedy Wilson CEO Bill McMorrow, that only serves as an opportunity.  “If everybody thinks this is a bad time to be doing construction…

The City of Anaheim will set up a trust fund to help finance affordable housing developments, seeded by a $30 million contribution from Walt Disney Company. The City Council voted to create the housing trust fund to help finance affordable housing projects, fund down payment assistance programs for would-be homebuyers and potentially provide eviction prevention…

Lion Signature has gained approval to build a 111-unit apartment complex in Lake Balboa. The Burbank-based developer led by Egish Kuiumjian won a green light from the Los Angeles City Council for the four-story building at 16949-16955 Sherman Way, Urbanize Los Angeles reported. It would replace a former Sizzler steakhouse and parking lot. The complex…

Affordable apartment complexes across the Southland could ultimately be blessed by the Vatican. The Archdiocese of Los Angeles has teamed up with an affiliated nonprofit developer, Our Lady Queen of Angels Housing Alliance, to build affordable homes across Southern California, LAist reported. The Archdiocese, the largest in the U.S. with 288 parishes and 265 schools,…

Not only is Onni Group refinancing its existing projects, but its up-and-coming ones, too.  The Vancouver, Canada-based development firm has scored a $240 million construction loan on Olympic and Hill, its 60-story project in Downtown Los Angeles, according to loan documents filed with Los Angeles County.  Wells Fargo Bank, among other lenders, provided the debt,…

A Bel-Air villa owned by the director of some of TV’s most acclaimed comedies, including “Cheers” and “Will & Grace,” is in contract. James Burrows is the seller of the property at 10702 Levico Way. His list of directing credits includes “The Mary Tyler Moore Show,” “Frasier” and “Taxi.” He is also a co-creator of…

Los Angeles landlords allegedly continue to harass their tenants, despite a recent law meant to protect them from threats or intimidation. In the three years since the city made it a crime to harass renters, more than 13,000 complaints alleging harassment have been filed with its Housing Department — with city officials having done little…

A plan by Borstein Enterprises to replace the last commercial orange grove in the San Fernando Valley with 21 single-family homes may soon be a done deal. The Los Angeles City Planning Commission will consider plans by the Sawtelle-based builder to redevelop two-thirds of the 14-acre Bothwell Ranch for high-end homes at 5300 North Oakdale…

Southern California Affordable Housing has pitched a plan to build a nine-story affordable apartment building in Mid-Wilshire. The Rancho Cucamonga-based nonprofit developer, doing business as SCAH-LA, has filed plans to construct a 79-unit complex at 920 South La Brea Avenue, Urbanize Los Angeles reported. It would replace a closed car-rental yard. The proposal comes on…