Cityview Lands $96M Refi for LA Community

Cityview has obtained a $96 million refinancing loan for Jasper, a 296-unit community in Los Angeles, The Real Deal reported. Funds managed by Fortress Investment Group originated and arranged the debt.

The note will help with ongoing leasing efforts and refinance the previous loan, the same source shows. In 2021, Cityview took out a $79 million construction note from ACORE Capital, according to Yardi Matrix data.

The Class A property came online in 2023. Located at 2528 S. Grand Ave., the community has access to Interstate 110 and is also some 4 miles from downtown Los Angeles. The city’s international airport is 16 miles away.

The seven-story building features studio, one- and two-bedroom floorplans ranging between 486 and 1,328 square feet, along with 5,000 square feet of ground-floor retail space.  A total of 25 units are designated as affordable. Select layouts also include private balconies or patios.

Common-area amenities encompass a fitness center, a clubhouse, a swimming pool, a spa, a business center and 390 car parking spaces. Other features include a dining area, cabanas, loungers, and an outdoor cinema, in line with multifamily interior design trends.

Multifamily loan originations keep steady

Multifamily loan originations rose 27 percent year-over-year in the third quarter of last year, according to a Mortgage Bankers Association report. Quarter-over-quarter growth was more modest at 12 percent.

Capital activity continued strong through the beginning of this year. Last month, Jamison Services took out a $195 million construction loan for the conversion of an office property. The 33-story building is set to encompass 686 units.