Gordinier Kang & Kim LLP (“GKK”) closed on a combined $310 million construction financing on behalf of 17422 Irvine Derian Apartments LLC and 18831 Von Karman Irvine LLC, developers of the Pistoia Apartments and Milani Apartments projects in Irvine, California. The financing included $265 million senior and mezzanine loans from MACK Real Estate Credit Strategies, L.P., represented by Schulte Roth & Zabel LLP in New York, and a $45 million junior mezzanine loan from Varde Partners, represented by Cadwalader’s New York office.
The loans will help the owners develop the Milani Apartments containing approximately 243,232 rentable square feet, compromised of approximately 258 market rate luxury multifamily units and 29 below market rent units and approximately 492 parking spaces, and the Pistoia Apartments containing approximately 305,465 rentable square feet, compromised of approximately 333 market rate luxury multifamily units and 38 below market rent units and approximately 619 parking spaces.
A team from GKK led by partner John C. Kang, Bradley Song, Samina Ali, and Kara Yi assisted the borrowers. Schulte Roth & Zabel LLP represented MACK Real Estate Credit Strategies, L.P., led by partner Julian Wise, special counsel Ari Aranda and associate James Koenderman. The Cadwalader team of Alan Lawrence, Emanuel Tsourounis, Teresa Long, and Carter Lawson represented Varde Partners.