JPI Lands $80M Financing for LA-Area Project
- Aug 21, 2019
Developer JPI has snagged more than $80 million in financing for the construction of Jefferson on Imperial, a 244-unit luxury community in South Gate, a city of Los Angeles County, Calif. Dekel Capital arranged the preferred equity and construction financing.
JPI broke ground on the development in March and expects the first apartment homes to be delivered by October 2020. Located at 10920 Garfield Ave., the four-story building will provide one-, two- and three-bedroom units as well as a multi-level parking garage with 458 stalls. Community amenities will include a pool and spa with cabanas, outdoor lounge, barbeque grill area and Zen courtyard.
The 4.1-acre site, formerly home to a retail center, is 11 miles from downtown Los Angeles, with easy access to the 710 and 105 freeways. Jefferson on Imperial’s target residents include medical professionals, as four hospitals employing nearly 9,000 people lie within a 2.1-mile radius.
The community is the first new multifamily development in the Downey and South Gate area in the last 30 years, Dekel Capital Principal Shlomi Ronen said in a statement. The property aims to be affordable for the average double-income working household while offering above-average amenities and finishes, targeting an unmet need in the market, according to Ronen.
JPI, which has developed 32 multifamily communities in California and Arizona, recently secured financing for the construction of Jefferson Innova, the 433-unit second phase of its Jefferson Promenade community in Irving, Texas. Last month the company sold Jefferson Chandler, a 283-unit luxury community near Phoenix for $69.3 million.