Development firm JPI snagged construction financing for its 244-unit luxury multifamily development in South Gate.
The $80 million in debt will go toward the Jefferson on Imperial, which is now being developed. It will be the first new multifamily construction in 30 years in the South Gate area, according Dekel Capital, the Century City-based firm that arranged the loan. The lender was not named.
Located at 10920 Garfield Avenue, the property spans 4.1 acres, and had previously been a retail center.
The new four-story building will offer a mix of one-, two-, and three-bedroom units. JPI, which has developed 32 multifamily communities in California and Arizona, broke ground in March and expects the initial apartments to be delivered by October 2020.
WHA, a Southern California-based architecture firm with offices in Los Angeles, Orange County and the Bay Area, designed the project. Alliance Residential Company will manage, market and lease the property.
Texas-based JPI has multifamily developments around the country, and at least four in Anaheim, including the 400-unit Jefferson Stadium Park.
Elsewhere in South Gate, Safco Capital recently paid $29.5 million for a shopping center at 5800 Firestone Boulevard. It was owned by Catellus.