Cityview secured funding for its $125M mixed-use project near the University of Southern California. The project is in an opportunity zone, and it is funded in part with capital from opportunity zone investors.
The project will rise seven stories and hold 296 units. Twenty-five of the units will be available for tenants with very low incomes and three of the units will be designated for moderate-income tenants, the company said.
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Adams & Grand, as the project has been named, was designed to achieve LEED Silver certification. All floor plans will feature stainless steel appliances, Nest thermostats, quartz counters and in-unit washers and dryers.
The project is at 2528 South Grand Ave., east of USC, the 110 Freeway and the Lorenzo apartment complex. Construction will begin this month, with completion expected by Q1 2023.
SALES
Stockbridge acquired 925-1075 West Lambert Road in Brea. The two-building industrial property holds roughly 179K SF and is 100% leased to six tenants. Stockbridge said it plans to hold the property long-term.
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Via Studio City, a 15-unit multifamily property at 4100 Whitsett Ave. in Studio City, sold for $6.3M or $420K per unit. The all-cash sale closed escrow in 14 days. Marcus & Millichap’s Rick Raymundo represented the seller and the buyer, both of which were private LLCs.
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FINANCING
Parkview Financial provided an $80M construction loan to One Newport Development for the Uptown Newport, a planned 66-unit condo project on Jamboree Road in Newport Beach. With this loan in place, Parkview said, vertical construction is ready to get underway in early 2021.
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Aries Capital closed an $8M permanent loan for the acquisition of an approximately 72K SF industrial property at 2440 South Milliken Ave. in Ontario. The borrower and purchaser was Amrapur Overseas Inc. The deal was closed within 20 days to meet the terms of the borrower’s 1031 exchange. Aries Capital Vice President Brandon Perdeck arranged the loan.
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CONSTRUCTION AND DEVELOPMENT
Wakeland Housing and Development Corp. broke ground on two affordable housing projects in Los Angeles. R.D. Olson Construction is building both the 54-unit Amani Apartments in Mid-City and the 43-unit Chesterfield Apartments in South Los Angeles. Both projects are expected to be complete before the end of 2022.
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Stream Realty Partners announced that it has delivered the Santa Ana Commerce Center, pre-leased to HiPacking Corp. The Santa Ana Commerce Center is a 160K SF spec industrial development in Fontana. Stream’s Scott Sowanick, Steve Riordan and Cannon Green developed the project for Cabot Properties, a Boston-based private equity real estate investment firm.
LEASES
Bridge Development Partners announced that three new tenants have been added to The BoxYard, a creative industrial campus in Downtown LA. The three fashion tenants — Rockstar Apparel, Bureau Apparel and MP Clothing — join other fashion and lifestyle tenants at the development, which measures over 260K SF and contains 11 units. Bridge completed a $4M renovation on the property, which sits south of the Arts District, earlier this year.
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