Irvine Company secured a $157.2 million refinancing loan from Capital One for Villas at Playa Vista - Montecito, a 309-unit luxury apartment property in Los Angeles' Playa Vista neighborhood. The new Fannie Mae loan replaces a previous $136 million loan from PGIM, an increase of roughly $21 million. Terms and maturity date were not disclosed.
The property opened in 2016 at 12855 Runway Road and features one- and two-bedroom units averaging 1,113 square feet. Amenities include a swimming pool, fitness center, coworking space and conference rooms. Irvine Company developed the building alongside two other apartment communities in the area: the 703-unit Sausalito and the 491-unit Malibu, totaling 1,503 apartments across the three properties.
The neighborhoods sit within Playa Vista's 460-acre master-planned development on land formerly used by Howard Hughes' aerospace operations. The area now includes more than 6,000 apartments, approximately 3 million square feet of office space and over 200,000 square feet of retail.