New York – October 21, 2022 - RobertDouglas advised Sandstone Properties in securing a pre-development bridge financing for the development of 6400 Canoga, a 4.7-acre site in the Warner Center 2035 Specific Plan. The new, $28.0 million non-recourse financing was provided by a direct private lender specializing in ground up commercial and residential real estate financing.
The 4.7-acre redevelopment site currently consists of a three-story, 128,586-SF Class B multi-tenant office building and 457 surface and structured parking spaces.
Sandstone Properties acquired the asset in February 2018 and has since obtained entitlements to develop a 650-unit, 35-story high-rise apartment building on the location of the existing parking structure. The entitlements also allow for the 10,000-SF expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel.
Patrick Tan, RobertDouglas Vice President, commented: "There is rapidly growing demand for both luxury hospitality and residential offerings in the Woodland Hills area, driven by the comprehensive development projects at the Warner Center. 6400 Canoga occupies a desirable cornerstone location within the transit-oriented, master-planned business district."
Stephen O'Connor, Principal and Managing Director added, "We are pleased to complete this pre-development bridge financing despite volatility in the real estate capital markets. We attribute the success of this transaction to the development business plan and strategic vision of Sandstone Properties."
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles, and San Francisco that specializes in the sale, financing, and equity capitalization of hotel, resort, and gaming properties throughout North America. Founded in January 2013 and currently led by its four partners, Rob Stiles, Doug Hercher, Stephen O’Connor, and Evan Hurd, RobertDouglas offers access to exceptional domestic and international institutional investor and lender relationships as it combines the capital markets sophistication of top-tier investment banks with diligent hotel underwriting and proven asset management experience. For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.