LOS ANGELES—Decron Properties Corp. has secured $67 million in construction financing for the development of 260 apartment units to finish the final phase of the Playa Del Oro project at the corner of Manchester Avenue and Rayford Drive.
The 13-acre project property had been used as the 775-room Furama hotel. Decron redeveloped the site, with a first phase consisting of 405 apartment units, 27,000 sq. ft. of retail, a health club and four restaurants. This new phase will also include 5,000 additional sq. ft. of retail and an underground parking area. Planned amenities for phase two include granite/quartz countertops, upper floor lofts, ocean and mountain views, a resort-style pool, a cinema room, game and dog park. Rents will range from $1,900 to $3,975 per month.
Meridian Capital Group arranged the loan through Wells Fargo. David Nagel, president of Decron, said he’s thrilled to begin the completion of the project. “Our plan for this site was always to create the highest and best use for this dynamic piece of property as the Gateway to Playa Del Rey,” he said. “The construction of these additional 260 units completes our vision of replacing an old, tired hotel that no longer served this bedroom community with a dynamic, true mixed-use project that brings quality rental housing, vibrant shops, dining, and a health club.”
Bernard Builders will serve as General Contractor on the project, which is expected to take 21 months to complete.