RobertDouglas Advises Sandstone Properties on The $28-Million Pre-Development Bridge Financing for The 6400 Canoga Development in Woodland Hills, California
RobertDouglas advised Sandstone Properties in securing a pre-development bridge financing for the development of 6400 Canoga, a 4.7-acre site in the Warner Center 2035 Specific Plan. The new, $28.0 million non-recourse financing was provided by a direct private lender specializing in ground up commercial and residential real estate financing.
The 4.7-acre redevelopment site currently consists of a three-story, 128,586-SF Class B multi-tenant office building and 457 surface and structured parking spaces.
Sandstone Properties acquired the asset in February 2018 and has since obtained entitlements to develop a 650-unit, 35-story high-rise apartment building on the location of the existing parking structure. The entitlements also allow for the 10,000-SF expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel.
Patrick Tan, RobertDouglas Vice President, commented: "There is rapidly growing demand for both luxury hospitality and residential offerings in the Woodland Hills area, driven by the comprehensive development projects at the Warner Center. 6400 Canoga occupies a desirable cornerstone location within the transit-oriented, master-planned business district."
Stephen O'Connor, Principal and Managing Director added, "We are pleased to complete this pre-development bridge financing despite volatility in the real estate capital markets. We attribute the success of this transaction to the development business plan and strategic vision of Sandstone Properties."