Decron Properties has refinanced its large multifamily complex near Los Angeles International Airport, which is in the middle of a massive expansion effort.
Mid-Wilshire-based Decron landed a $125 million mortgage for its 405-unit Playa del Oro complex, Commercial Observer reported. Barings, a subsidiary of insurance giant MassMutual, provided the financing, which has a 10-year term.
Located at 8601 Lincoln Boulevard, the five-story property includes 28,000 square feet of retail space. Eight commercial tenants lease at the property, including LA Fitness and a UPS Store. There is also a spa, swimming pool and business center.
Seth Grossman and Jackie Tran of Meridian Capital Group represented Decron in the deal.
Led by CEO David Nagel, Decron specializes in acquiring, developing and managing multifamily properties. The company also owns apartment buildings in Westwood, West Hollywood and Koreatown, among others.
In addition to the LAX expansion, owner Los Angeles World Airports is in the early stages of a long-planned 340-acre LAX Northside Plan. The site was divided into two separate parcels between Playa del Rey and Westchester. [CO] — Natalie Hoberman