Century West Partners, the developer of a 494-unit luxury apartment development in downtown Glendale, has landed a $126.4 million construction loan from Citizens Bank for the project, The Real Deal has learned.
The $280 million mixed-use project, at 201 West Lexington Drive, is known as Next on Lex and is slated to be completed by 2019.
The terms of the loan were not disclosed.
“We are seeing a lot of interest in multifamily development in urban areas for projects with great amenities that are convenient to transportation,” said Patrick Burns, managing director of institutional real estate at Citizens.
The project will include 8,140 square feet of ground floor retail space, a business center, a yoga studio and fitness center, a pool, a landscaped rooftop deck and a courtyard.
Century West Partners, owned by the Fifield Companies and Cypress Equity Investments, has been extremely active in the multifamily space in L.A. in recent months. It’s $1.3 billion pipeline totals 2,300 units.