header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather


 
Calendar
Today in
S.C.V. History
March 29
1928 - Little dam victim, thought unidentified & buried in SCV, actually ID'd & buried in Chatsworth [story]
Newhall Cowboys


Raw land eyed for a controversial housing development at the mouth of Placerita Canyon is in foreclosure.

Comerica Bank has initiated foreclosure proceedings against Casden Santa Clarita LLC and five other Southern California projects of Beverly Hills-based Casden Properties LLC, saying it’s owed $33.7 million. A foreclosure sale is scheduled for Dec. 21 in Pomona.

Casden LLC – led by Beverly Hills multi-billionaire apartment developer Alan Casden – approached the city of Santa Clarita in 2005 with plans for a mixture of about 800 homes, apartments and condominium units on 95 acres east of Railroad Avenue north of 13th Street. Part of the property has been used since 1994 as a parking lot for the city’s annual Cowboy Festival.

Development was delayed for a variety of reasons. After Placerita Canyon homeowners protested over the density of the project, the city hired consultants to master-plan the 213-acre “North Newhall” area, consisting of Casden’s 95 acres and 44 smaller parcels. Casden agreed to pay half of the $850,000 plan’s cost.

Then the California Public Utilities Commission indicated it wouldn’t approve an at-grade rail crossing at 15th street as called for under both Casden’s original plan and the North Newhall plan.

Meantime, Casden Properties LLC had internal troubles of its own.

Casden brought in Cerberus Capital Management as an investor around the time it started pursuing its six development projects in Santa Clarita, Westwood, West Hollywood, Simi Valley, Oxnard and Ventura.

Casden building at Wilshire & Doheny

Based in New York, Cerberus is one of the nation’s largest private equity firms. It once owned The Newhall Land and Farming Co.’s commercial property through a holding company that eventually declared bankruptcy.

According to a Casden consultant who asked not to be named because he is not a direct employee of the company, Casden was the original managing partner of Casden Santa Clarita LLC and the company’s other Southland development firms. But Cerberus took over as the managing partner when it guaranteed $223 million in loans from five banks including Comerica – with all six Casden properties securing the loans.

The consultant said Cerberus and Casden “came to the conclusion” they weren’t right for each other because the projects were taking too long to get approved.

“Cerberus didn’t want to put them on the shelf,” the Casden consultant said, suggesting that Casden was willing to wait but Cerberus wasn’t.

But now, he said, Cerberus is taking too long to liquidate the partnership and Comerica is tired of waiting for its loan payments.

“Any one property could pay off the loan,” he said, laying the blame for the foreclosure entirely at Cerberus’ feet.

The Cerberus representative in New York who deals with the Casden properties did not return phone calls Monday.

The Casden consultant said the Newhall property is “still a viable site” for development, but it “still needs a turn in the economy” before that can happen.

Over at City Hall, the North Newhall Specific Plan gathers dust on a shelf.

“There are no active development plans being considered for the property,” said Paul Brotzman, the city’s director of community development.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

No Comments

    Leave a Comment


    Latest Additions to SCVNews.com
    1928 - Little dam victim, thought unidentified & buried in SCV, actually ID'd & buried in Chatsworth [story]
    Newhall Cowboys
    Los Angeles County Public Works is updating the Los Angeles County Bicycle Master Plan.
    April 16:  County Bicycle Master Plan Virtual Community Meeting
    College of the Canyons mens golf got back on track during its return to conference play on Monday, carding a five-man score of 370 to top the eight-team field at Brookside Golf Course and maintain its unblemished conference mark.
    Cougars Win Again, Keep Conference Streak
    Los Angeles County Treasurer and Tax Collector, reminds property owners that the second installment of the 2023-24 Annual Secured Property Taxes becomes  delinquent if not received by 5 p.m. Pacific Time or United States Postal Service postmarked on or before Wednesday, April 10, 2024.
    County Treasurer Reminds Property Owners of April 10 Due Date
    Local nonprofit Fostering Youth Independence is seeking “Allies” to support Santa Clarita youth who are aging out of the L.A. County foster care system.
    April 16: FYI Seeks Volunteers To Pair With Local Foster Youth
    The Los Angeles County Department of Public Health today unveiled the latest L.A. County Health Survey, which gathers vital data on health behaviors, conditions, neighborhood settings, and the needs of L.A .County residents, informing future public health policies and programs.
    Public Health Unveils the 2023 L.A. County Health Survey Findings
    Due to the projected rain forecast, Eggstravaganza will now be held indoors at the Canyon Country Community Center beginning promptly at 10 a.m. on March 30.
    March 30: Eggstravaganza Now Being Held Indoors at Canyon Country Community Center
    To support the mental health of California's young people, the California Department of Public Health awarded $25 million to 28 tribal and community-based organizations across the state.
    California Announces $25 Million in Awards for Youth Mental Health
    The College of the Canyons Athletic Department will host a dedication ceremony to unveil the Michele Jenkins Softball Team Room in honor of the longtime board member and ardent softball program supporter’s nearly 40 years of service to the district.
    April 16: COC to Host Michele Jenkins Team Room Dedication Ceremony
    PFLAG Santa Clarita has announced the establishment of the Peggy and Jeff Stabile PFLAG SCV Scholarship. The scholarship will provide financial assistance to LGBTQIA+ students pursuing higher education and committed to advocating for LGBTQIA+ rights and promoting diversity and inclusion.
    PFLAG SCV Announces Stabile PFLAG Scholarship
    1934 - Bouquet Canyon Reservoir, replacement for ill-fated St. Francis Dam & reservoir, begins to fill with water [story]
    Bouquet Reservoir
    The California Department of Public Health launched the “Never a Bother” campaign, a youth suicide prevention public awareness and outreach campaign for youth, young adults, and their parents, caregivers, and allies.
    California Launches New Youth Suicide Prevention Campaign
    The Santa Clarita Master Chorale invites the community to "Let the Sunshine In," a delightful evening of food, wine and song at the annual Cabaret & Cabernet fundraising benefit.
    April 20: Santa Clarita Master Chorale’s Cabaret, Cabernet Fundraiser
    The Los Angeles County Department of Public Health cautions residents who are planning to visit the below Los Angeles County beaches to avoid swimming, surfing, and playing in ocean waters:
    March 27 Ocean Water Warning
    As an integral ingredient necessary to help the Santa Clarita Valley to flourish, feedback from the business community is the secret sauce for achieving great things.
    SCVEDC Asks For the Business Community’s Opinion on Santa Clarita
    Raise your heart rate while raising funds for the Santa Clarita Sister Cities Dollars-for-Desks campaign to provide school desks for students in Sariaya, Santa Clarita's Sister City in the Philippines.
    April 13: Sister Cities Zumba-thon Fundraiser
    Remo, Inc. is is the world's leading manufacturer and developer of synthetic drumheads and shells. They’ve been in business for 60 years
    SCVEDC Company Spotlight: Drumming Up Big Business with Remo, Inc.
    California State Assemblywoman Pilar Schiavo (D-Chatsworth) and Assemblyman James Ramos (D-Highland) have introduced AB 3074 the "School or athletic team names: California Racial Mascots Act."
    Schiavo Introduces Bill to Prohibit ‘Derogatory’ School Mascot Names
    Los Angeles County’s Justice, Care and Opportunities Department  in collaboration with Local Initiatives Support Corporation Los Angeles is proud to announce the 2nd Annual Pitch Competition for the cohorts of JCOD's Incubation Academy.
    March 28: JCOD Incubation Academy Helps Grassroots Non-Profits For the Second Year
    Children’s Bureau is seeking foster families and now offers two virtual ways for individuals and/or couples to learn how to help children in foster care while reunifying with birth families or how to provide legal permanency by adoption.
    April 18: Children’s Bureau Hosts Virtual Orientation
    The Sunburst track was constructed in 1887 by the Southern Pacific Railroad and was a part of the main line running between San Francisco and Los Angeles.
    Enjoy Spring With a Ride On The Sunburst Track
    California State Superintendent of Public Instruction Tony Thurmond hosted a Personal Finance Summit today where he announced his support for Assembly Bill 2927 (McCarty), legislation that would require a personal finance education course for California high school graduation.
    State Superintendent Announces Support for Personal Finance Graduation Requirement
    1847 - Probable birth date of Pico Canyon oil driller Charles Alexander Mentry [story]
    C.A. Mentry
    SCVNews.com