Dekel Capital Secures $59 MM Construction Financing for Thousand Oaks, CA Apartment Development
By: Dekel Capital
When completed, the 3.2-acre, mixed use-development at 299 East Thousand Oaks Boulevard will include 142-unit Class-A apartment homes, 9,820 square feet of ground-level retail and parking for 239 vehicles.
After securing the construction financing from a publicly traded REIT and a Life Insurance Company, Latigo moved forward with the development closely adhering to local and state guidance for construction sites, according to Dekel principal Shlomi Ronen who arranged the financing.
"Despite the havoc that has literally shut down the real estate industry by the Covid-19 pandemic, our two lenders closed and funded their capital," said Ronen. "The lack of housing construction in Thousand Oaks over the last decade has led to a notable supply/demand imbalance. Amid the State lockdown and with financing in place, our client was able to move forward, taking all the necessary and appropriate steps to protect the workers, in order to address this housing need as soon as possible."
299 Thousand Oaks is located on the city's main primary east/west arterial and is near several major shopping and entertainment destinations including 1.3 million-square-
The four-story property includes studio, one- and two-bedroom units which will be offered at an attainable price point for the average two-income working household. Eleven units will be designated as affordable housing for low income families. Amenities include a 3,000-square-
About Dekel Capital
Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges. For more information, please visit http://www.dekelcapital.com.
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