B
onanni Development has secured a significant financing deal worth $108.4 million to develop a 300-unit apartment complex in Stanton, California. The Huntington Beach-based developer partnered with Cleveland-based BWE to arrange the loans for VRV, a five-story mixed-use project located at 12736 Beach Boulevard.

    The financing package includes an $88 million senior loan from Freddie Mac and a $20 million preferred equity contribution. The debt features a five-year fixed-rate term with interest-only payments at 4.96 percent. According to Tom Kenny, executive vice president of BWE's Irvine office, the transaction allowed for a major paydown of the prior equity partner while enabling the sponsor to secure an attractive interest rate.

    VRV will offer 300 studio, one- and two-bedroom apartments on nearly 4 acres, along with ground-floor shops, a pool, fitness center, rooftop lounge, and other amenities. The complex is situated across from Rodeo 39 Public Market, a food hall featuring over two dozen vendors and live music. This marks Bonanni Development's second multifamily project in Stanton to secure more than $100 million in financing, following the successful Cloud House development.