Western Alliance Bank Provides $35 Million Financing for Major Capital Improvements at Marina City Club
MARINA DEL REY, Calif.–(BUSINESS WIRE)–
Marina City Club, one of Southern California’s most iconic residential communities, is set for a transformative upgrade with $35 million in financing from Western Alliance Bank’s Alliance Association Banking group. This funding enables the Marina City Club Homeowners Association to complete structural repairs and introduce new amenities without imposing a special assessment on homeowners.
Located at 4333 Admiralty Way, Marina City Club is a landmark property along the Southern California coastline. The three curved towers, famously developed by Howard Hughes in the 1970s, are home to more than 600 residences. The property features resort-style amenities including tennis courts, a fitness center, swimming pools, restaurant, café, hair salon, a spa and event spaces.
Western Alliance Bank’s financing is enabling the Marina City Club Homeowners Association to complete structural repairs and upgrades to its recreation deck and elevator systems without the need for a special assessment to the ownership. The capital improvement project will waterproof and resurface the recreation deck, modernize elevator systems and introduce a range of new amenities, including barbecue areas, basketball and bocce courts, new gathering spaces, updated Court Club facilities and the only indoor pickleball court in the Los Angeles area.
“Marina City Club has a long and storied history in Marina del Rey and remains one of the area’s most iconic residential communities,” said Roula Sakellakos, vice president at Western Alliance Bank.
“This financing supports essential structural and amenity improvements that will ensure the property continues to shine as the jewel of Marina del Rey for generations to come. We are proud to partner with Marina City Club on this next chapter,” added Daniel Corwin, vice president of HOA lending at Western Alliance Bank.
The project reflects the collaboration of multiple stakeholders, including Marina City Club Owners Association, Essex Property Trust, and Los Angeles County, which owns the land on which the property sits. Western Alliance Bank worked closely with all parties to develop a tailored financing structure that addressed the property’s unique ownership framework.
“Marina City Club is an important part of Marina del Rey’s history and identity,” said Jennie Twyman, general manager of Marina City Club. “Western Alliance Bank understood the complexity of this project and was instrumental in helping us move forward with improvements that maintain the property’s integrity and enhance the experience for everyone who lives here.”
Western Alliance Bank is one of the country’s top-performing banking companies. Through its Alliance Association Banking group, Western Alliance provides customized banking and financing solutions for homeowner associations and community management companies nationwide. Known for its relationship-focused approach and deep industry expertise, the Alliance Association Banking group supports projects that strengthen communities, preserve property value and enhance quality of life for residents.
For more information about Western Alliance Bank’s Alliance Association Bank group, visit here.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
About Alliance Association Banking
Alliance Association Banking, a national banking group within Western Alliance Bank, Member FDIC, delivers a tailored suite of deposit, financing and technology solutions designed for community management companies and homeowner associations nationwide. The group’s relationship managers provide a broad spectrum of innovative and customized solutions to help community management companies and community associations succeed, all with a high level of expertise and responsiveness. The Alliance Association Banking group is part of Western Alliance Bancorporation, which has $90 billion in assets and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. With significant national capabilities, the Alliance Association Banking group delivers the reach, resources and deep industry knowledge to help businesses capitalize on their opportunities to solve today and succeed tomorrow. For more information, visit Alliance Association Banking.
About Marina City Club
Marina City Club is a historic residential and recreational community in Marina del Rey, California, featuring distinctive towers and comprehensive resort-style amenities. As one of Marina del Rey’s most recognizable landmarks, Marina City Club offers residents and members an exceptional coastal lifestyle with world-class facilities, dining and waterfront access.
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KEYWORDS: California United States North America
INDUSTRY KEYWORDS: Finance Banking Professional Services Residential Building & Real Estate Construction & Property
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