Multifamily Financing
Commercial Observer
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Rising mortgage rates and a major housing shortfall are keeping more Americans renting, and that’s, of course, good news for apartment developers and investors. A recent financing deal in the Los Angeles area underscores the desirability of the asset class. Also for today: An in-depth interview with brothers Nitin and Dev Motwani, among the most prolific developers in South Florida (and now other areas).
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— Tom Acitelli, Deputy Editor
PGIM Lends $115M for West Los Angeles Apartment Complex
PGIM Real Estate appears to be all in on Southern California. The firm is set to provide $115 million in financing for a 405-unit low-rise community in Playa Vista on the Westside of Los Angeles. JLL announced the five-year, full-term, interest-only loan and arranged the financing on behalf of the borrower, Barings Real Estate. The Ventana luxury apartments were completed in two phases in 2007 with units ranging from studios to three bedrooms that average 1,049 square feet. The property at 7225 and 6565 Crescent Park also includes two clubhouses, two swimming pools, a spa, a business center and a fitness center.
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How Dev and Nitin Motwani Diversified Big-Time in South Florida
Dev and Nitin Motwani grew up in motels. Their parents, Ramesh and Ramola Motwani, had immigrated from India and moved from St. Charles, Mo., to the bright lights of Fort Lauderdale Beach in 1986 — buying the Merrimac Beach Resort motel with an intention to capitalize on the voracious spring break crowds that regularly descended on the resort town at the time. A month after they moved, in a bid to reposition Fort Lauderdale into a more family-friendly tourist destination, the town decided to end its hosting of such bacchanals. While chaos — and foreclosures — ensued for many business owners in the wake of the repositioning, the Motwanis decided to move forward with the town and be part of its next, more grown-up iteration.
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