Greystar just secured a $99.9 million construction loan for its AMP Lofts in the Arts District.
CIT Real Estate Finance is behind the two-year loan, and HFF arranged it on behalf of the developer, the Commercial Observer reported.
The mixed-use project at 695 S. Santa Fe Avenue will contain 320 units and 20,000 square feet of ground-floor retail. It’s slated to open in 2019.
The pipeline is poppin’ in the area. On East 7th Street, Hillcrest Company recently broke ground on its 57-unit live-work complex conversion. Meanwhile, the Houston-based developer Camden USA revitalized its plans in April for a 344-unit mixed-use complex at the corner of Alameda and Industrial streets.
Earlier this week, Genton Property Group and Alcion Ventures scooped an even heftier construction loan from a U.K. hedge fund: $239 million for their Four Seasons Private Residences project in Beverly Hills. [CO] — Cathaleen Chen