California People and Company News for Jan. 12, 2024

• PTLA Real Estate Group has promoted Peter Wilson to CEO, the fourth in the company’s 50-year history. He has been with the Walnut Creek-based company for 13 years and became co-owner in 2021. In his various leadership roles, he has helped grow PTLA into a leading multifamily investment and property management provider on the West Coast. 

• Kidder Mathews has added valuation advisory specialist Bill Drewes, MAI as SVP, based in Los Angeles. Before joining the firm, he served as valuation services director at Colliers for nearly a decade, followed by almost five years as managing director of CBRE’s valuation department in Los Angeles. 

The California Mortgage Bankers Association has named Tai Christensen, president of national affordable housing program Arrive Home, chair of its Diversity, Equity & Inclusion Committee. Christensen will share the role with Stephanie Whittenberg, who is vice-chair of the committee. 

Irvine-based GoDocs, a commercial lending document automation platform, has announced Adam Craig as its new CEO. Prior to joining GoDocs, Craig served as president at Segmint, a transaction cleansing and analytics SaaS company for financial institutions, which was acquired by Alkami in 2022. 

Beverly Hills-based BridgeCore Capital, Inc. completed the first financing under its new Middle Market Loan Program, launched last fall as an alternative to traditional life company financing. In its initial financing under BridgeCore’s new program, the borrower required an expedient refinance of $12,800,000 on a single-tenant industrial property located in Henderson, CO, prior to year-end, due to a maturing bank loan.  The borrower also sought cash-out proceeds for repatriation of capital, which was available with the 64% LTV refinance.  

Realty Income Corporation announced the pricing for a public offering of $450 million of 4.750% senior unsecured notes due Feb. 15, 2029 and $800 million of 5.125% senior unsecured notes due Feb. 15, 2034. Combined, the notes have a weighted average tenor of approximately 8.3 years, a weighted average semi-annual yield to maturity of 5.142%, and weighted average coupon rate of 4.990%. 

VF Developments, LLC, a minority- and female-owned and run company, has leased up 920 Everett, a 2000s-built, modern-style multifamily property, after completing major renovations. The community is located in the Victor Heights neighborhood of Los Angeles. 

iTrip is expanding services to short-term rental property owners and guests in Palm Springs. Owned and managed by Bryan Fisher, iTrip Palm Springs has launched as the newest franchise destination, serving homeowners and guests in Palm Springs and Coachella Valley.