60ft ‘Mercury Falling’ sculpture installed atop Irvine apartments – Orange County Register
Next time you’re on the corner of Jamboree and Main in Irvine, look up.
Yes, you might see a plane with its landing gear heading for nearby John Wayne Airport…but you might also see what looks like molten metal pouring out of an apartment complex.
Skyloft Apartments recently installed “Mercury Falling”, a 60-foot sculpture that looks like a glowing liquid flowing from the top of the building’s roof to the ground below.
The piece by Laguna Beach artist Jorg Dubin was commissioned by Sanderson J. Ray Development, owner of Skyloft.
“As the architecture of the building is quite contemporary and sharp, the need for something more organic that would act as a foil against the angular building and provide the necessary softness as it reflected nature and the surrounding sky,” Dubin said. “Mercury Falling is the result of many design iterations. It’s also a metaphor for the hope that humans will act on climate change so that ‘mercury’ or temperatures ‘drop’.”
The six-story Skyloft opened in late 2019 and has 388 studio, one-, two-, and three-bedroom apartments that rent from $3,308 to $7,706 per month.
The apartments were built by Streetlights Residential, designed by Architects Orange (AO) and professionally managed by Legacy Partners.
PEF buys 55+ resort in Washington
Irvine-based Preservation Equity Fund Advisors has purchased Rainier Vista, an affordable apartment complex, in Pacific, Wash.
Terms of the acquisition were not disclosed.
The private equity firm, which specializes in buying and maintaining affordable housing, will then work on deferred maintenance, including roofing, window repairs, wood replacement and interior painting and improvements. floors, paint and furniture in common areas. Each unit will also have water-efficient toilets.
Originally developed in 2003 with low-income housing tax credits, Rainier Vista has a three-story building with 75 affordable housing units for seniors 55 and older. The mix of units is split: 57 one-bedroom units and 18 two-bedroom units. The complex has 20 units rented at 30% of the median income of the area, 25 units at 50% of the AMI and 5 units at 60% of the AMI. The remaining 25 units are rented at market price.
The property is nearly full, PEF said.
Other amenities include a clubhouse, library, fitness center, lounge, elevator service, three on-site laundry facilities, knitting room, community courtyard garden, and barbecue area. Unit amenities include a refrigerator, self-cleaning oven, microwave, dishwasher, garbage disposal and an additional storage locker per unit.
“PEF Advisors continues to address the serious problem of sustained demand and shrinking supply for affordable housing that leaves too many families, seniors and veterans without the ability to find housing options. affordable,” said Ann Caruana, President and Chief Investment Officer. Manager at PEF Advisors.
BMH funds development in Washington
Buchanan Mortgage Holdings, a subsidiary of Buchanan Street Partners in Newport Beach, provided a $39 million construction loan to Harbor Custom Development Inc. to complete a 177-unit garden-style multifamily community in Lacey, Washington, a suburb of Seattle. /Tacoma area.
When complete, the project will feature a mix of studio, one and two bedroom units.
“BMH is pleased to announce its partnership with Harbor Custom Development on this multi-family development which combines our construction lending expertise with the sponsor’s innovative approach to real estate development,” said Scott Magoffin, Head of Development. creation of debt at BMH.
Management change at Rancho MV
Rancho Mission Viejo has made a number of leadership changes at the land management and development company, including appointing a new president.
Jeremy Laster was promoted to this position, while Elise Millington was elevated to COO in addition to her CFO role.
Donald L. Vodra, a 27-year veteran with the company and its former chairman, is now vice chairman of its board.
“Over the past few years, we have worked hard to identify and transition to the next generation of Ranch leaders,” RMV President and CEO Tony Moiso said in a statement.
Vodra “will continue to provide guidance during the transition as well as guide strategic planning, investment management and risk management at the board level,” the company said.
Laster, who joined the company in 2001, will be responsible for the day-to-day management of all Rancho Mission Viejo projects, including large-scale planned community development, land management in the Rancho Mission Viejo Nature Preserve, l livestock and agriculture, commercial properties. and investments. Laster joined Rancho Mission Viejo.
Millington joined Rancho Mission Viejo’s management team in 2004 as vice president of finance. She was promoted to senior vice president and chief financial officer in 2014, and executive vice president in 2019.
The company also made the following executive promotions:
– Brian Clarke, senior vice president of finance for the Family Office
– Laura Eisenberg, Senior Vice President of Regulatory Compliance and Open Space Management
– Todd Kurtz, Senior Vice President of Builder In-Tract Infrastructure
– Jim Holas, Vice President of Community Development
– Stephanie Walker, Vice President, Marketing
White Party raises $150,000 for nonprofits that help at-risk youth
Commercial real estate professionals recently gathered at the Building Block Foundation Fund’s White Party, held Sept. 15 at Noguchi Gardens in Costa Mesa.
The event raised $150,000 for the nonprofit’s charity partners.
BBFF supports organizations that help improve the lives of at-risk youth. Nonprofit partners include Project Access, Boys Hope Girls Hope, Everfree, Joyful Child Foundation, Kidworks, Orangewood Children’s Foundation, and Hope Builders.
“We are grateful to the businesses and individuals who came out to enjoy the event and provided much needed funds to local organizations that are making a difference in our county and beyond,” said James Wall, senior partner at Rockefeller Group and of the event. chair. “While it’s great to celebrate together, it means even more to see the commercial real estate community giving back in such a meaningful way,”
For more information about the group, visit buildingblockfoundation.org.
Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit high-res articles and photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.