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| Lillian Roos |
JLL worked on behalf of the borrower, Cityview, to secure a structured loan through ACORE Capital (“ACORE”), a leading commercial real estate finance company and debt fund manager. Construction is planned to begin immediately with completion in mid-2023.
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| Paul Brindley |
The property will comprise one seven-story building with ground-floor retail and 360 parking spaces for residents and commercial tenants.
The units will have high-end finishes such as quartz countertops, stainless steel appliances, vinyl flooring and in-unit washers and dryers.
The best-in-class community amenities include a two-story clubroom, business center, two sky decks, yoga studio, fitness center, swimming pools, dog spa and bike storage.
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| Anson Snyder |
Located at 2528 S. Grand Ave., Adams & Grand is near the University of Southern California, Downtown Los Angeles employment and entertainment hubs and regional medical centers.
It is within walking distance to the Exposition Line Metro station stop and adjacent to the Figueroa Corridor, which has experienced investment from the Exposition Park improvements.
The transit-oriented development has a Walk Score® of 92 and a Transit Score of 90, designating the location both a Walker’s and a Rider’s Paradise.
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| Anthony Marconi |
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Brindley, Senior Director Anson Snyder and Analysts Chad Morgan and Lillian Roos. ACORE Managing Director Anthony Marconi originated the loan.
“High-quality housing proximate to job centers, education and medical uses remain attractive to the resident and investor,” Snyder said. “Cityview continues to deliver on this model and transform Los Angeles neighborhoods.”
“We are very excited about the opportunity to finance a high-quality, transit-oriented project that benefits from unique demand generators in USC and several other universities located in the immediate area,” Marconi added.
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| Chad Morgan |
“This also represents the first transaction for ACORE with Cityview, an experienced and well-respected multi-housing developer, which we hope will be the first of many we do together.”
CONTACT:
Kimberly
Steele
Senior Associate, Public Relations
JLL Capital Markets
9 Greenway Plaza, Suite 700
Houston, TX 77046
T +1 713 852 3420
M +1 832 244 9994
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