The Real Deal Los Angeles

Greystar nabs $100M construction loan for Arts District apartments

AMP Lofts are slated for completion in 2019
June 01, 2017 04:00PM

Rendering of the project at 695 S. Santa Fe Avenue (Credit: Greystar)

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