DEAL OF THE DAY: Meruelo Maddux Properties Closes $84M Construction Loan for 214-Unit Rental Project

By Anuradha Kher, Online News EditorLos Angeles–Meruelo Maddux Properties Inc. recently closed an $84 million construction loan on its 35-story apartment project located at 717 W. Ninth St. in Los Angeles. The loan proceeds will be primarily used to fund the remaining development needs on the 717 W. Ninth St. project as well as to fund an interest payment reserve and a real estate tax and insurance reserve. Canyon Capital Realty Advisors LLC is providing the financing. 717 W. Ninth St. will feature 214 luxury apartments with amenities including a lap pool and whirlpool spa, fitness facility, living room/library and outdoor social area with BBQ grills and firepits. Other amenities include 24-hour digital security, valet parking and concierge services. Each unit will feature high-end finishes and appliances, walk-in closets and media technology infrastructure.Located near the Staples Center and LA Live the project offers a secure, private residential entrance and a restaurant and bar at street level. The building has been designed to meet the Leadership in Energy and Environmental Design (LEED) green building standards and is seeking a Silver designation.