Irvine Company Refinances Playa Vista Apartment Complex
The firm secured a $157.2 million loan for the 309-unit Villas at Playa Vista-Montecito.
Updated on Oct. 29, 2026 in Commercial
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Irvine Company has secured a $157.2 million refinancing loan for the Villas at Playa Vista-Montecito in Los Angeles. This new capital replaces a previous $136 million loan provided by PGIM.
Why it matters
The refinancing provides the owner with $21.2 million in additional financing for the property. This transaction reflects ongoing capital management strategies for large-scale residential assets in the Playa Vista market.
The new financing originated through Fannie Mae covers the 309-unit Montecito apartment complex located at 12855 Runway Road. The property, which opened in 2016, is situated within the 460-acre Playa Vista development.
The players
Irvine Company
Irvine Company is a private real estate investment company that focuses on the development, ownership, and management of residential and commercial properties.
Capital One
Capital One is a diversified financial services holding company that offers a range of banking products and specializes in commercial real estate lending.
Fannie Mae
Fannie Mae is a government-sponsored enterprise that provides liquidity to the mortgage market by purchasing and guaranteeing residential mortgages.
PGIM
PGIM is the global investment management business of Prudential Financial that provides debt and equity financing for commercial real estate.
The details
Irvine Company originally acquired the site for the development in 2015. The complex consists of residential units that average 1,113 square feet in size.
Timeline
Irvine Company acquired the site in 2015.
The Villas at Playa Vista-Montecito property opened in 2016.
Irvine Company secured the refinancing loan on October 29, 2026.
Culture Shift
This refinancing underscores the sustained high-value investment cycle within the 460-acre Playa Vista master-planned development. The area continues to attract significant capital, recently evidenced by the $403.7 million acquisition of the neighboring Runway Living property by Hines.
For residents of the Villas at Playa Vista-Montecito, this financial restructuring generally maintains current operations and management standards. It serves as an indicator of the continued institutional commitment to maintaining high-density housing assets within the local Los Angeles market.
The takeaway
This transaction demonstrates the ongoing ability of major developers to secure substantial capital for established residential communities. It serves as a reminder that large-scale apartment complexes remain key assets for institutional real estate firms in competitive urban markets.
Further reading
For more information on market trends, visit the Los Angeles Commercial section.
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Is now a good time for major property investors to refinance their existing apartment holdings?
