Magazine article Mortgage Banking

MJW, PRG Close Escrow on $92 Million L.A. Condo Project

Magazine article Mortgage Banking

MJW, PRG Close Escrow on $92 Million L.A. Condo Project

Article excerpt

Santa Monica, California-based MJW Investments and New York-based Phoenix Realty Group (PRG) announced the close of escrow on the second phase of its Santee Village project dedicated to market-rate housing for middle-income buyers.

The Santee Village project is a $92 million redevelopment of three vintage industry buildings into 216 for-sale lofts and 23,500 square feet of retail space in the Fashion District of downtown Los Angeles.

PRG's equity investment in the project is drawn from the $103 million Genesis Workforce Housing Fund, Los Angeles, the nation's first institutional investor-backed fund providing equity financing toward the creation of for-sale, market-rate housing for middle-income households, according to Mark J. Weinstein, founder of MJW Investments.

"For the past several years, MJW has committed its energies and efforts into reinventing unique architectural landmarks into Santee Village," said Weinstein. "Now the equity investment from the Genesis Workforce Housing Fund signals our next stage--offering homeownership opportunities to a growing number of workers seeking shorter commutes and the exciting urban lifestyle of downtown L. …

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