Northridge : Northridge Meadows’ Site to Be Purchased

Dirk Perriseau, a Calabasas-based contractor, and his wife, Jeannine, have agreed to purchase the property that was formerly home to the Northridge Meadows Apartments complex, which collapsed during the Northridge earthquake, killing 16 people.

Perriseau has applied to the city of Los Angeles for a low-cost earthquake-recovery loan to finance construction of a 155-unit building on the site.

While acknowledging the property’s sad history, Jeannine Perriseau said she and her husband “are totally confident that that land is no different than any other piece of land in the San Fernando Valley.

“There is no reason to think any other disaster is going to happen there,” she added. “Besides, this will be . . . ironically, one of the safest buildings people can live in.”

The Perriseaus, in partnership with Los Angeles investor Joseph Cohen, made a $300,000 deposit on the property Friday afternoon, she said. Escrow is expected to close Tuesday.

The seller is First Nationwide Bank of San Francisco, which has been holding the property for its previous owner, Shashikant and Renuka Jogani, who were beset by lawsuits and financial problems after the quake. Ownership of the property reverted to the bank, said Robert Freedman, an attorney for the defendants in numerous civil lawsuits filed after the collapse.

The Perriseaus have applied for a $5.7-million loan to develop the site. Interest payments would be just 3%, provided the Perriseaus abide by several restrictions, including one stipulating that 20% of the units be set aside for low-income tenants.

Ground-breaking for the complex, to be christened Ridgecroft, could take place in September.

Dirk Perriseau has also purchased the property next door to the former Northridge Meadows building and is erecting a separate complex there also using funds from the city’s emergency earthquake loan program.