92.9 F
San Fernando
Tuesday, Jul 5, 2022

Thousand Oaks Mixed-Use Project Finds $59 Million in Funding

The Latigo Group has made progress on its Thousand Oaks mixed-use project as Dekel Capital has arranged a $59 million construction loan for the Los Angeles-based developer. Financing will be derived from a publicly traded REIT and a life insurance entity. The project, dubbed 299 Thousand Oaks, will be located at 299 E. Thousand Oaks Blvd. The development will stretch from Duesenberg Drive to Moorpark Road and is in direct proximity to The Oaks Mall and Thousand Oaks Civic Arts Plaza. The Latigo Group website describes a four-story, 152,000-square-foot structure on 3.2 acres comprised of 142 apartments, 11,000 square feet of ground-floor retail and 239 parking spaces. The multifamily component breaks down to a mix of studio, one- and two-bedroom floorplans, plus 11 affordable housing units. Completion due date has been set at 2022. The Latigo Group wants to install a range of amenities, including a large plaza composed of terraces with ample seating, outdoor dining, 3,000-square-foot fitness center, pool and seating areas on the first and second floors of the complex. Latigo Group, a 2017-formed private real estate development company, first proposed the project in the summer of 2017. The Thousand Oaks Planning Commission recommended it in July 2017 on a 3-2 vote. The Thousand Oaks City Council approved the project in a 4-1 vote in 2018. The 299 Thousand Oaks project marks the city’s first ambitious multifamily development since 2007. “Latigo will continue to move forward with the development, while adhering to local and state social distancing guidance for construction sites,” Dekel principal Shlomi Ronen said in a statement. “Despite the havoc that has literally shut down the real estate industry by the COVID-19 pandemic, our two lenders closed and funded their capital. The lack of housing construction in Thousand Oaks over the last decade has led to a notable supply/demand imbalance.”

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

Featured Articles

Related Articles