$115M financing secured for West Los Angeles apartment complex

LOS ANGELES, Oct. 26, 2023 – JLL announced today that it has arranged the $115 million financing for The Ventana Luxury Apartments, a 405-unit, low-rise multi-housing community located in the master-planned community of Playa Vista, California.

JLL worked on behalf of the borrower, Barings Real Estate, to secure the cash neutral, five-year, full-term interest-only loan.

"The closing of The Ventana is a testament to the JLL team's expertise and strong collaboration between Barings and PGIM Real Estate. We are proud to have a trusted advisory team at JLL dedicated to navigating this deal's intricacies and delivering exceptional results for our investors," said Taylor Johnson, Senior Director of U.S. Real Estate Capital Markets at Barings.

The Ventana was originally constructed in 2007 in two phases and offers a variety of studios, one-, two- and three-bedroom, with an average unit size of 1,049 square feet. The apartments feature in-unit washers and dryers, granite countertops and ceiling heights ranging from nine to 14 feet. Community amenities include two clubhouses, two swimming pools, a spa, business center and a fitness center.

Situated at 7225 and 6565 Crescent Park, The Ventana Luxury Apartments are located within the master-planned community of Playa Vista and minutes from the market-leading tech companies within the burgeoning Silicon Beach. Residents of the community can conveniently reach premium shopping and dining, pristine beaches and a variety of recreational activities within Marina del Rey, Venice, Santa Monica and Culver City via the adjacent Lincoln Boulevard. Additionally, the property’s location provides easy access to the Los Angeles International Airport, the San Diego (405) Freeway and Marina (90) Freeway.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Managing Director Annie Rice, Managing Director Brandon Smith and Director Gyasi Edmondson.

“It was a pleasure to work with Barings while navigating a financing process during the height of LA City and County eviction moratoriums. The selected lender was able to understand the story of the local market and trend towards stabilization after the turbulence caused by COVID-19," Rice said.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.

*As of September 30, 2023

Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers.  Follow us on LinkedIn at linkedin.com/showcase/barings-alternative-investments.