San Bernardino
San Bernardino, CA · Real Estate
studenthousingbusiness.com
ACC Closes on $191 Million Financing for 1,065-Bed On-Campus Development at UC Irvine
Irvine, Calif. — American Campus Communities (ACC) has closed on $191 million in financing for a 1,065-bed student housing development on the University of California, Irvine (UC Irvine) campus. The project is being developed in partnership with the Collegiate Housing Foundation, which will serve as the community’s owner, borrower and lessee. The development is scheduled for completion in fall 2028 and will span 387,000 square feet across two buildings. The community will offer 308 fully furnished units in studio through four-bedroom configurations designed to target undergraduate students. Shared amenities are set to include dedicated study areas, indoor social lounges, furnished outdoor courtyards, bicycle storage and laundry facilities. The development team for the project, which is targeting LEED Gold certification, includes KTGY and Benchmark. The partnership between ACC and UC Irvine spans 25 years and will include the delivery of 8,700 beds upon completion.
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Daily Mail
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Malibu Times
Financial instability exposed in Malibu mansion development
National newspaper details unraveling of project next to city’s skatepark. The development of one of the ritziest housing enclaves in the U.S., located right here in Malibu, appears to be in financial trouble according to the Wall Street Journal. The national publication specializing in financial issues and the economy published a scathing expose Oct. 30 on Scott Gillen, the developer of five multimillion-dollar homes called “The Case” located on Malibu Road, abutting the city’s new skatepark. The newspaper claims the $500 million project is on the verge of collapse amid bankruptcy filings, mounting debt, and a legal dispute with financial partners. The WSJ report questions Gillen’s management of the project, pricing strategy, and discloses a previously unknown criminal history.
Westside Current
Ocean-Damaged Malibu Properties May Qualify for Property Tax Relief
MALIBU - Beachfront property owners whose properties sustained damage from high tides and powerful ocean swells may qualify for lower property taxes. The City of Malibu is urging affected owners to consider Los Angeles County's Misfortune or Calamity reassessment program. Properties with at least $10,000 in qualifying physical damage may be eligible, and owners must submit an application within 12 months of the date the damage occurred. The assistance comes through an existing disaster relief program administered by the county assessor. In an October notice explaining the program , the county identified coastal surges among the natural disasters whose damage may qualify for relief. For eligible owners, reassessment can mean a corrected tax bill or a refund of taxes already paid. The county's property tax guidance says the adjustment reflects the reduction in property value beginning on the date of damage. The amount of relief depends on the loss in value and the period covered by the adjustment. Owners must file Form ADS-820, the application for reassessment of property damaged or destroyed by misfortune or calamity. Malibu's notice says contractor estimates or other documentation of repair costs can support the damage assessment. If approved, the reduced assessment remains in effect