PGIM Real Estate has provided $114.61 million in fixed-rate financing on behalf of their core lending strategy to Barings Real Estate for The Ventana, a multifamily property in Playa Vista, California. PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU).
The luxury apartments feature 405 units in a beachfront community across two four-story wood-frame residential buildings on approximately 6.2 acres of land. Residents have access to 668 structured parking spots, two clubhouses, two swimming pools, a spa, a business center and a fitness center. The property was originally built in 2007 in two phases, the first totaling 93 units and the second totaling 312 units.
"PGIM Real Estate is excited to have been able to provide the financing to Barings Real Estate for The Ventana. It is gratifying to see the market continue to rebound and stabilize following the lengthy volatility caused by the COVID-19 pandemic," said Tom Goodsite, managing director at PGIM Real Estate. "Playa Vista has notably strong multifamily housing demand due to the proximity of high-paying tech employers in Silicon Beach, and PGIM Real Estate remains committed to identifying areas of opportunity in these need-based submarkets."
