Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page in real time, starting at 9 a.m. PT. Please send any tips or deals to tips@therealdeal.com
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California municipalities can establish public banks. Gov. Gavin Newsom signed a law allowing cities and counties to establish banks that can lend public funds at low interest rates for projects including affordable housing and infrastructure. There is a statewide cap of 10 public banks allowed under the law. Proponents say they can help fund much-needed public interest projects, while opponents worry local governments aren’t capable of effectively managing banks. [LAT]
Mr. Chow founders cut fat from asking price on Holmby Hills mansion. After a year on the market, the restaurateurs behind the Mr. Chow restaurant chain dropped the price on their 30,000-square-foot mansion. It is now on the market for $70 million. Michael and Eva Chow had the home built from the ground up and modeled it after Madrid’s Reina Sofia museum. [Redfin]
Azure Development breaks ground on affordable complex in Boyle Heights. The Commerce-based firm and its development partner, Many Missions, is targeting a 2021 completion date for the 44-unit complex. The $34 million project received just under $10 million in bond funding. Azure plans to call the development La Guadalupe in honor of founder Vanessa Delgado’s grandmother. [Curbed]
Westlake multifamily portfolio trades for $48 million. A family trust sold three apartment buildings on Burlington Avenue to an investor represented by Transwestern Commercial Services. The three buildings have 192 units combined. [Press release]
Nick Jonas serves up Beverly Hills pad to tennis star Naomi Osaka. Osaka paid $6.9 million for the singer’s 4,129-square-foot home. Jonas bought it about a year ago for $6.5 million. The home dates from the mid-1960s, but former owner Jason Lev gave it a makeover before listing it in 2016 for $7.4 million. [TRD]
Virtual brokerage eXp Realty is getting into the instant-homebuying game. The fast-growing firm said Thursday it will join the ranks of Redfin, Zillow, Keller Williams and Opendoor by offering sellers the chance to instantly offload their property to buyers. [TRD]
SoftBank’s debtholders hope for more caution. The cost to insure SoftBank’s debt increased last month to the highest level in nearly a year after WeWork’s IPO plans veered off track. But the co-working company isn’t all to blame: Uber’s valuation sagged, and SoftBank’s stake in Alibaba plummeted because of the trade war. [Bloomberg]
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