SAN FERNANDO VALLEYProject Roomkey, the state and county program that uses vacant hotel rooms to house high-risk, homeless seniors during the pandemic, will expand following the Biden administration’s commitment to fund 100 percent of its costs, L.A. Mayor Eric Garcetti announced earlier this month. The Federal Emergency Management Agency, or FEMA, will now reimburse cities for 100 percent of the program’s costs. The agency previously covered 75 percent of the $100 million program’s costs. Valley hotels participating in Project Roomkey include the Sportsmen’s Lodge Hotel in Studio City, the Airtel Plaza Hotel in Van Nuys, a Motel 6 in Newbury Park, a Best Western in Ventura and Vagabond Inns in Ventura, Oxnard and Glendale.SHERMAN OAKSDigital health company Nile AI has launched in Sherman Oaks, backed by a $25 million investment by Belgian pharmaceutical company UCB. Nile, which set up shop last month, is focused on developing a digital epilepsy care management platform for use by patients and neurologists between consultations. The platform is currently in tests at Massachusetts General Hospital and Michigan State University Healthcare and will be commercially available later this year, Nile said. “We believe that all of the data to predict the path of an epilepsy patient exists, though it is fragmented and disconnected,” Nile Chief Executive Dr. Leo Petrossian said in a statement. “We are building a comprehensive care management system for addressing this uncertainty in the lives of people suffering from epilepsy.”STUDIO CITYTix Corp. has entered into a binding letter of agreement with Chief Executive Mitch Francis after concluding a strategic review process. Francis, the company’s major shareholder, will purchase 6.2 million shares in the discount ticket seller for $500,000 and will provide an additional $200,000 in the next 24 months if the Tix board decides the money is needed to keep the business going. Also, Francis has agreed to waive his salary and benefits through May, and from June through December will have his salary reduced to $100,000 with no paid benefits. Tix Corp. has been particularly hard hit by the coronavirus outbreak. In March, it shut down its seven discount ticket stores in Las Vegas under its Tix4Tonight brand and its online ticket sales website which offered up to a 50 percent discounts for shows and experiences.TARZANAReal estate investment firm Gelt Inc. announced it has acquired Regatta Apartments, a 352-unit multifamily community in the Denver metro market for nearly $101 million. Located at 10500 Irma Drive in Northglenn, Colo., the garden-style gated community sits on 22.8 acres. It includes 22 two-story residential buildings and a clubhouse. The asset features a mix of one-, two- and three-bedroom units averaging 919 square feet. All units were recently renovated by the seller. With this purchase, Gelt has 2,600 units at seven apartment developments in the Denver market.VAN NUYSJet Edge International has signed a partnership with Four Seasons Resorts Hawaii to provide large-cabin aircraft flights to the islands for guests at Four Seasons’ properties. The air charter firm will fly customers aboard Gulfstream and Bombardier aircraft. According to a statement from Jet Edge Chief Executive Bill Papariella, “our aircraft owners and charter flyers will enjoy unique benefits and experiences through our Four Seasons Resorts Hawaii partnership, as we continue working with leading brands that share our dedicated commitment to the highest level of service and safety.”Clay Lacy Aviation completed the installation of a 500-kilowatt solar array covering 30,000 square feet of roof space at its headquarters at Van Nuys Airport. The aircraft charter and management firm said the system will generate about 750,000 kilowatt hours of power annually and save the company about 56 percent of its energy costs each year. Additional facility upgrades at the Van Nuys location include 200 energy-efficient LED lighting fixtures and 44 vehicle charging stations, the company said. “We are committed to operating sustainably and making significant progress toward a net-zero carbon footprint,” Scott Cutshall, senior vice president of business operations, said in a statement.
Tri-CITIESGLENDALETrade industry software company ServiceTitan has acquired a similar company that provides software for pest control, lawn care and arbor companies. Financial terms of the deal between ServiceTitan in Glendale and ServicePro in Columbus, Ohio were not disclosed. In a blog post this month, ServicePro Chief Executive Andy Deering said that a similar background to the ServiceTitan founders Ara Mahdessian and Vahe Kuzoyan was key to doing the deal. Also, he added, “When you look at HVAC, plumbing, electrical, they were just knocking it out of the park. … And they wanted to get into pest, lawn and arbor. Well, that’s what we do.” ServicePro will be a subsidiary of ServiceTitan, with Deering and his sister Kim O’Connor, the chief information officer, staying to lead it.
Ventura countyThe Ventura County Board of Supervisors certified signatures this month to put before voters a ballot initiative on new oil and gas regulations. In the 2022 statewide primary election, voters will decide whether to end old permits that allow oil and gas companies to avoid public oversight and modern environmental review to drill or frack new wells. Until then, the current rules will remain in Ventura County, according to a release from groups opposed to the ballot measure.CAMARILLOA joint venture between Dallas-based Century Golf Partners and South Korea’s Hankuk Industrial has purchased Las Posas Country Club for an undisclosed amount. The club’s member-owners voted in December to sell the golf course and social club to the Century Golf partnership. “For over a year, our board investigated numerous options and evaluated many potential companies to partner with. Our goal was to preserve the perpetuity of our cultural uniqueness and assure the long-term success of our club,” Denis Barry, president of the club’s board, said in a statement. Barry said planned capital improvements to the club’s structures will continue as expected following the acquisition, but didn’t reveal details. Founded in 1958, Las Posas Country Club spans 300 acres including an 18-hole golf course, seven tennis courts, a swimming pool, fitness center and a clubhouse.WESTLAKE VILLAGEDole Packaged Foods has launched a public awareness campaign about food insecurity called “Malnutrition Labels.” The campaign by the food manufacturer uses graphics that look similar to the nutrition labels on packaged foods, except they have facts about malnutrition. The label images are projected on buildings or other large public surfaces in Los Angeles, New York and Baltimore. “Malnutrition labels is our way of raising awareness and calling for systemic change to address nutrition inequality,” said Dole Chief Marketing Officer Rupen Desai in a statement. The campaign will include out-of-home, paid digital, content and social media elements. It was conceived in partnership with advertising agency DAVID Madrid and Miami, and implemented with support from agency partners including Spark Foundry, High Wide & Handsome, National Experiential and Peppercomm.Velocity Financial Inc. has fresh money to make new mortgage loans. The mortgage lender announced it has entered a $200 million warehouse facility with Barclays Bank to finance new loan originations. The facility is non-mark-to-market, which means its terms don’t adjust with market interest rates. Velocity also entered a $175 million, five-year term loan with a syndicate of lenders including funds managed by Blackrock’s U.S. Private Capital group, Oaktree Capital Management and UBS O’Connor. That facility has an initial fund of $125 million with another $50 million available as a delayed draw. It will be used for new loan originations as well as debt refinancing.
AROUND THE VALLEYS
