Realm Group Begins Construction of Calif. TOD
Realm Group LLC announced it has started construction on a 349-unit transit-oriented development called Monterey Station, which is located in Pomona, Calif.
By Jessica Fiur, News Editor
Pomona, Calif.—Realm Group LLC announced it has started construction on a 349-unit transit-oriented development called Monterey Station, which is located in Pomona, Calif.
George Smith Partners secured a $39.5 million senior construction loan from Bank of the West and US Bank for the project. Additionally, George Smith partners secured an $8.5 million mezzanine loan from Parse Capital.
Monterey Station will include studios and one- and two-bedroom units, as well as ground-floor live-work apartments and lofts. The units will include 9-foot ceilings, washers and dryers, stainless steel appliances, wood plank vinyl flooring and wireless connectivity.
Community amenities will include a pool with cabanas, a fitness center, multi-purpose room, courtyard and bicycle storage.
Monterey Station, which will be certified LEED Silver, will be adjacent to the Metrolink Station, which will allow residents easy access to LA Union Station and the Inland Empire, which features restaurants, shopping and more.
“Monterey Station will be the first sizable at-market rental development that is walkable in Pomona in 20 years and will appeal to urban professionals and students in the submarket who desire a downtown living experience,” Darrin Olson, principal of Realm Group, says.
Apartments are expected to be complete in the summer of 2014.
