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| Rendering of planned luxury condominiums 1050 South Grand Avenue Downtown Los Angeles, CA |
Los Angeles, CA, Jan. 19, 2015 – PCCP, LLC announced today
that it has provided a $77.8 million senior loan to Trumark Urban for the
development of a 22-story, 151-unit luxury condominium project at 1050 S.
Grand Ave. in Downtown Los Angeles.
Trumark Urban acquired the fully entitled site in November
2014. The financing was arranged by a team lead by John Manning and Chris
Casey of JLL Capital Markets.
“1050 S. Grand will be one of the first new condo projects
in Downtown Los Angeles in over seven years,” said Ron Bonneau, senior
vice president with PCCP, LLC.
“Downtown Los Angeles continues to attract investors,
residents, and businesses that are drawn to the entertainment, retail and
dining options in a central urban setting.
“Apartment development in Downtown LA has been strong,
however, there has been very few new condo units developed since the
downturn. 1050 S. Grand’s timing to
market gives it a competitive advantage, and PCCP is happy to be part of Trumark’s
effort to bring much needed for-sale housing units to Downtown LA.”
Bonneau noted that inventory of for-sale Downtown housing
units is at its lowest level in over five years, and there is only one other
condo project currently under construction.
Construction started last week and the
project is expected to be completed in 2016.
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| John Manning |
The project is located on the northeast corner of 11th St.
and Grand Ave. in the South Park submarket of Downtown and is just three blocks
from Staples Center, LA Live, Nokia Theatre, and numerous restaurants, bars,
and retail amenities.
This location offers convenient access to three major
freeways and a light rail station, also just three-blocks away.
The property will include one-, two-, and three-bedroom
units in one, 22-story tower, which will contain both above-grade and
subterranean parking.
The residential units will be on floors six through 22,
and the fifth floor will include an amenity terrace with state-of-the art
fitness and common area facilities, as well as a swimming pool and cabanas.
%2BJLL%2B1-19-15.JPG) |
| Chris Casey |
The
ground-level floor will contain 5,672 square feet of retail, with storefronts
on Grand Ave. and 11th Street.
The property is being developed by Trumark Urban, a division
of the Trumark Group of Companies, which focuses on developing commercial
condos in core urban neighborhoods close to jobs, transit and local businesses.
Founded in San
Francisco in 2011, the new division has expanded into Los Angeles and now has 9
high-density condominium communities in process with plans in the works for
more than 1,000 units for total projected revenue in excess of $1 billion.
Trumark and its affiliates have been
developing commercial and residential projects in California for over 20 years.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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