Next time you’re at the corner of Jamboree and Main in Irvine, look up.
Yes, you might see an airplane with its landing gear coasting toward nearby John Wayne Airport … but you also might see what looks like molten metal pouring off an apartment complex.
Skyloft Apartments recently installed “Mercury Falling,” a 60-foot sculpture that looks like shiny liquid pouring from atop the building’s roof to the ground below.
The piece by Laguna Beach artist Jorge Dubin was commissioned by Sanderson J. Ray Development, owner of Skyloft.
“As the building architecture is quite contemporary and hard-edged, the need for something more organic that would act as a foil against the angular building and bring some needed softness as it reflected nature and the surrounding sky,” Dubin said. “Mercury Falling was a result of many design iterations. It is also a metaphor for the hope that humans will act on climate change so that the ‘mercury’ or temperatures will ‘fall.’ ”
The six-story Skyloft opened in late 2019 and has 388 studios, one-, two-, and three-bedroom apartments that rent from $3,308 to $7,706 monthly.
The apartments were built by Streetlights Residential, designed by Architects Orange (AO) and professionally managed by Legacy Partners.
Irvine-based Preservation Equity Fund Advisors has bought Rainier Vista, an affordable apartment complex, in Pacific, Wash. Terms of the acquisition were not disclosed. (Courtesy of PEF)
PEF buys 55-and-over complex in Washington
Irvine-based Preservation Equity Fund Advisors has bought Rainier Vista, an affordable apartment complex, in Pacific, Wash.
Terms of the acquisition were not disclosed.
The private equity firm, which specializes in buying and maintaining affordable housing, will work next on deferred maintenance including roofing, window repairs, wood replacement and paint and interior upgrades to common-area flooring, paint and furniture. Each unit will get water-saving toilets, too.
Originally developed in 2003 with low-income housing tax credits, Rainier Vista has one three-story building with 75 units of affordable housing for seniors age 55 and older. The mix of units is split: 57 one-bedroom units and 18 two-bedroom units. The complex has 20 units rented at 30% of the area median income, 25 units at 50% of AMI and five units at 60% of AMI. The remaining 25 units are rented at the market rate.
The property is nearly full, PEF said.
Other amenities include a clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, knitting room, courtyard community garden and barbecue area. Unit amenities include a refrigerator, self-cleaning oven, microwave, dishwasher, garbage disposal and an additional storage locker per unit.
“PEF Advisors continues to address the serious issue of sustained demand and reduction in the supply of affordable housing, which is leaving too many families, senior citizens and veterans without the ability to find affordable housing options,” said Ann Caruana, president and chief investment officer at PEF Advisors.
Buchanan Mortgage Holdings in Newport Beach has provided a $39 million construction loan to Harbor Custom Development to complete a 177-unit, garden-style multifamily community in Lacey, Wash., a suburb of the Seattle-Tacoma area. (Rendering courtesy of Harbor Custom Development)
BMH provides financing for Washington development
Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners in Newport Beach, has provided a $39 million construction loan to Harbor Custom Development Inc. to complete a 177-unit, garden-style multifamily community in Lacey, Wash., a suburb of the Seattle/Tacoma area.
The project when finished will have a mix of studio, one- and two-bedroom units.
“BMH is pleased to announce our partnership with Harbor Custom Development on this multifamily development that combines our construction lending expertise with the sponsor’s innovative approach to real estate development,” said Scott Magoffin, head of Debt Originations at BMH.
Management shuffle at Rancho MV
Rancho Mission Viejo has made a number of executive changes at the land management and development company, including tapping a new president.
Jeremy Laster has been promoted to that post, while Elise Millington has been elevated to chief operating officer in addition to her role as chief financial officer.
Donald L. Vodra, a 27-year veteran with the company and its former president, is now vice-chairman of its board of directors.
“Over the past few years, we have been working hard to identify and transition to the next generation of Ranch leadership,” Tony Moiso, chairman and chief executive officer of RMV, said in a statement.
Vodra will “continue to provide counsel during the transition as well as guide strategic planning, investment management and risk management at the board level,” the company said.
Laster, who joined the company in 2001, will be responsible for the daily management of all Rancho Mission Viejo projects, including larger-scale master-planned community development, land management at The Nature Reserve at Rancho Mission Viejo, ranching and farming, commercial properties and investments. Laster joined Rancho Mission Viejo.
Millington joined the Rancho Mission Viejo leadership team in 2004, as vice president of finance. She was promoted to senior VP and CFO in 2014, and executive VP in 2019.
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The company also made the following executive promotions:
– Brian Clarke, senior VP of Family Office Finance
– Laura Eisenberg, senior VP of Regulatory Compliance and Open Space Management
– Todd Kurtz, senior VP of Builder In-Tract Infrastructure
– Jim Holas, vice president of Community Development
– Stephanie Walker, Vice President, Marketing
White Party raises $150,000 for nonprofits that help at-risk youth
Commercial real estate professionals gathered recently at the Building Block Foundation Fund White Party, held Sept. 15 at the Noguchi Gardens in Costa Mesa.
The event raised $150,000 for the nonprofit’s charity partners.
BBFF supports organizations helping to improve the lives of at-risk youth. Nonprofit partners include Project Access, Boys Hope Girls Hope, Everfree, Joyful Child Foundation, Kidworks, Orangewood Children’s Foundation and Hope Builders.
“We are thankful to the firms and individuals who came out to enjoy the event and provide much-needed funds to local organizations that are making a difference in our county and beyond,” said James Wall, a senior associate at Rockefeller Group and the event chair. “While it’s great to celebrate together, it means even more to see the commercial real estate community give back in such a meaningful way,”
For more information about the group, go to buildingblockfoundation.org.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
