JLL Capital Markets announced that it has put in place $ 81 million in construction financing to develop Adams & Grand, a transit-oriented mid-rise multi-unit building in a qualified opportunity area in Los Angeles, California.
JLL worked on behalf of the borrower, City view, to secure a loan structured by ACORE Capital (“ACORE”), a leading commercial real estate finance company and debt fund manager. Construction is expected to begin immediately and be completed in mid-2023.
Adams & Grand will offer 296 studios, one and two bedroom apartments, including 25 affordable apartments for low-income renters. The property will consist of a seven-story building with retail on the ground floor and 360 parking spaces for residents and commercial tenants. Units will have high-end finishes such as quartz countertops, stainless steel appliances, vinyl flooring, and built-in washers and dryers. Top community amenities include a two-story club room, business center, two suspension bridges, yoga studio, fitness center, swimming pools, dog spa, and bicycle storage. The building is LEED Silver / CalGreen rated with energy efficient HVAC units, low flow plumbing fixtures and Nest thermostats.
Located at 2528 S. Grand Ave., Adams & Grand is close to the University of Southern California, Downtown Los Angeles Employment & Entertainment Centers, and Regional Medical Centers. It is a short walk from the Exposition Line metro station and next to the Figueroa corridor, which has benefited from investments as part of the fairground upgrades. Transit-oriented development has a Walk Score of 92 and a transit score of 90, designating the location of both a Walker’s and a Rider’s Paradise.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Brindley, Senior Managing Director Anson Snyder and analysts Chad Morgan and Lillian Roos. The CEO of ACORE, Anthony Marconi, is at the origin of the loan.
“High-quality housing near employment, education and medical centers remains attractive to the resident and the investor,” Snyder said. “Cityview continues to follow this model and transform neighborhoods in Los Angeles. “
“We are very excited to fund a high quality transit focused project that benefits from unique demand generators at USC and several other universities in the immediate area,” added Marconi. “This is also the first transaction for ACORE with Cityview, an experienced and respected multi-unit developer, which we hope will be the first in a long series that we are doing together. “
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sale advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.