Featured on “The Real Deal” – March 2019
California Home Builders lands $90M construction loan for Warner Center project
Thursday, March 14, 2019
California Home Builders landed a construction loan for Q West, a big residential project set to rise at Warner Center. The project is one of three developments California Home Builders proposed or in construction in the booming area.
U.S. Bank provided the $90 million financing on the Topanga Canyon Boulevard project, title documents show.
Once completed, Q West will have 347 units and 18,000 square feet of commercial space. It is the sister project of Q East, a 241-unit building already underway at the corner of Variel Avenue and Erwin Street.
Shawn Evenhaim, founder and CEO of the California Home Builders, said Q West is under construction and expected to be completed in two years.
Architecture firm Newman Garrison + Partners designed the entire site, which will feature retail space, along with amenities like a swimming pool and outdoor decks.
The developer received a construction permit, valued at $63.8 million, for Q West in November 2018. It was the largest permit awarded in Los Angeles County that month.
In November 2017, the Canoga Park-based builder proposed constructing a third mixed-use tower at De Soto Avenue, nearby. Spanning 290,120 square feet, the seven-story building is slated to include 358 apartments above ground floor retail.
The Warner Center, located in the Woodland Hills area, has become a hotbed for development thanks to the Warner Center 2035 Specific Plan, adopted in 2013. A new report by L.A. city planners shows the area will see about 24,000 residential units and 28 million square feet of office and commercial space by 2035.