By Dees Stribling, Contributing Editor
Arts District AMP Lofts, a mixed-use residential and retail property in Los Angeles, has obtained nearly $100 million in financing ($99.891 million) for its development. Working on behalf of the developer, Greystar, HFF placed the 48-month construction loan with CIT’s Real Estate Finance business.
The development will have 320 apartment units above 20,000 square feet of ground-floor retail. It is at the edge of Los Angeles’ burgeoning Arts District, which has seen considerable residential and commercial growth in recent years.
Much of the growth has involved the redevelopment of industrial buildings. For instance, at Alameda and Fourth St., NY-based Habita Arts District wants to turn a former heavy manufacturing structure dating from 1911—originally a mattress factory—into a 66-room hotel with just under 4,000 square feet of restaurant space and about 850 square feet of specialty retail.
As for Arts District AMP Lofts, it will occupy more than half of a large former industrial block on E. 7th Street between Imperial Street and S. Santa Fe Ave., less than a mile from Downtown Los Angeles. The property will be directly across from a 255,000-square-foot creative office development, which will be fully leased to Warner Music Group.
The dog-friendly community will include such common amenities as a large courtyard with outdoor seating, as well as a gym, pool, sauna, a clubhouse, and workshop. The property will be completed in 2019.