Encino-based developer Landmark View is facing a precarious financial situation as it allegedly defaults on a $25.5 million loan, potentially jeopardizing the future of a 132-unit assisted living facility located in Van Nuys.
The property in question, located at 7036-7040 Van Nuys Blvd., serves as the home of Valley Vista Senior Living, a multifaceted complex encompassing 77 studio apartments, along with 24 one-bedroom units. Additionally, it features a dedicated memory care floor, boasting 23 single-occupancy rooms and eight double-occupancy units.
Axos Bank, the lender in this case, initiated action by filing a notice of default on the property in July of last year, as per available records, a report from The Real Deal shows. Landmark View originally secured the $25.5 million loan against the property in 2019. According to the report, Axos asserts that the mortgage was due for repayment in March of the preceding year but has since grown to an alarming figure of nearly $31.2 million, inclusive of accrued interest and late charges.
Landmark View has also been actively pursuing a redevelopment endeavor for this site. According to the report, the company has articulated plans for the construction of a 65-unit apartment complex on the premises. The specifics regarding whether this proposal encompasses the entire site or just a segment of the complex remain unclear. The project outlines a six-story structure that includes a unit mix comprising 10 three-bedroom apartments, 40 two-bedroom units, 15 one-bedroom apartments, and a generous 5,000 square feet of ground floor retail space. It is notable that Landmark View had been actively seeking a joint venture partner for this project, as indicated in a listing for the site on Redfin.
Led by Abraham Iny, Landmark View is a full service real estate development company with a portfolio that includes a mix of multifamily housing complexes, shopping centers, offices, specialty housing such as senior housing and assisted living facilities and more.
The firm boasts a portfolio encompassing multiple apartment properties in the Van Nuys area, as detailed on its website. Among its holdings are the Sherman Way Apartments located at 13805, 13915 and 14130 Sherman Way, along with Valley Terrace at 13610 Vanowen Street.