Santa Clarita Mixed-Use Lands $21M
- Dec 12, 2017
Buchanan Street Partners has closed on a $20.8 million construction loan for Newhall Crossings, a mixed-use project including 47 units and 20,167 square feet of retail space in Santa Clarita, Calif. Buchanan Street provided a 77 percent loan-to-cost, non-recourse construction loan for the project. Developed by Serrano Development Group, Newhall Crossings is slated for completion by 2019.
Located at the intersection of Main Street and Lyons Avenue in Old Town Newhall, the transit-oriented development will be the northern anchor of the pedestrian-oriented commercial corridor, providing access to more than 50 shops, restaurants, entertainment options and Metrolink station. The area’s new seven-screen Laemmle Theatre will be adjacent to Newhall Crossings as well.
The project comprises a mix of one-, two- and three-bedroom units ranging from 960 to 1436 square feet. The units will be divided into two separate buildings featuring a plaza in the center with a diverse tenant mix, including restaurants and retailers. The mixed-use development offers retail spaces from 1,000 to 10,000 square feet per suite.
“Santa Clarita Valley’s economy is markedly active and is built upon a solid business infrastructure. Newhall is truly coming into its own as a suburban market yet with a ‘new urban’ look and feel in its downtown area,” said Matthew Doerr, vice president at Buchanan Street Partners, in prepared remarks.
Brian Halpern and Alex Cane at JLL arranged the financing for Buchanan Street Partners. The company together with CarVal Investors sold a 162,000-square-foot office building in Houston, to Elite Street Capital.
Image courtesy of Buchanan Street Partners