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Lendlease and its joint venture partner Aware Super closed on $316M in construction funding for the Habitat project at La Cienega and Jefferson boulevards where Baldwin Hills meets Culver City.
“Our ability to secure financing in today’s capital-constrained environment not only validates our vision for this transformational project, but also speaks to our network of financing partners that highly value the Lendlease and Aware Super sponsorship,” Lendlease Americas Managing Director of Development Meg Spriggs said in a release.
“With Habitat, we are introducing an exciting urban model to the Los Angeles community that is rooted in sustainability and connectivity while simultaneously increasing value in our investment portfolio,” Spriggs said.
The financing came from Barings and Counterpointe Sustainable Real Estate and consists a blend of funding, including Commercial Property Assessed Clean Energy, or C-PACE, geared toward the sustainable initiatives of the development.
Habitat will consist of two buildings, a six-story, 253K SF office project and a 12-story, 260-unit apartment building with nearly 3K SF of retail space.
The project at 3401 S. La Cienega Blvd. will also include an acre of open space and be within walking distance of the E Line light rail and the Expo Bike Path.
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