Los Angeles—Related California broke ground yesterday on a $120 million, 19-story apartment building at 225 N. Grand Avenue between 2nd and 3rd Streets in Los Angeles. The asset represents the first residential phase of its Grand Avenue Project. Featuring 271 units with a 20 percent affordable component, 225 N. Grand will bring the first apartments to the Bunker Hill area of downtown Los Angeles in more than a decade.
“This is a welcome next step in the Grand Avenue Project, adding to earlier components of Grand Park and The Broad,” says Los Angeles County Supervisor Gloria Molina, chair of the Joint Powers Authority that oversees the Grand Avenue Project. “We are pleased that Related is beginning with an apartment building that will offer affordable living as well as market rate rentals to the area, further realizing our collective vision of Grand Avenue as a dynamic and diverse mixed-use environment.”
The building will be located next door to The Broad, a new contemporary art museum that is set to open in 2014. It is also within walking distance of the Walt Disney Concert Hall, the Music Center, MOCA and the Colburn School’s Zipper Hall, as well as Grand Park, a new park financed by a $50 million contribution from Related.
225 N. Grand is also the first high rise in Los Angeles designed by Arquitectonica, and it will be built to LEED Silver standards. Construction financing was provided by Citi Community Capital with an equity letter of credit from Ohio State Teachers Retirement System. LIHTC equity comes from Boston Financial, while Grad Avenue Authority provided an affordable housing loan and grant.
“All of us at Related are pleased to get the first shovel in the ground on this project and are excited about the vibrant new mix of uses it, along with The Broad and public plaza, will bring to this block of Grand Avenue, furthering the overall vision for the Grand Avenue Project,” says Bill Witte, president and chief executive officer at Related California.
NorthMarq arranges $62.09M in Freddie Mac refi loans for S. Florida properties
Waterford Landing Apartments contains 362 market-rate multifamily units and was financed at $25.25 million. Waterford Point Apartments contains 244 market-rate multifamily units and was financed at $16.6 million. These two properties are located in Miami.
Reflections of Boca Apartments contains 320 market-rate multifamily units and was financed at $20.25 million. This property is located in Boca Raton.
Financing for these properties was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac.
“The lender understood the strong market fundamentals of the South Florida market and was able to close on terms that met our borrower’s expectations,” Woida says.
Ginkgo Residential completes an $8.5M purchase in Charlotte
Charlotte—Gingko Residential has announced its acquisition of Center Pointe Apartments, a 336-unit community located in Charlotte. The property sits on 20 acres and features a swimming pool, fitness center, business center and on-site laundry. The sales price was $8.5 million.
“We are excited about Center Pointe and the opportunity to begin our next project focused on improving energy efficiencies and the overall living experience of our residents,” says Phillip Payne, chief executive officer of Gingko Residential. “We look forward to continuing to grow our portfolio in the coming year.”