AvalonBay secures $167M loan for Arts District resi project

Los Angeles /
Oct.October 06, 2020 11:00 AM
Tim Naughton and a rendering of the project (Credit: OFFICEUNTITLED and  AvalonBay)
Tim Naughton and a rendering of the project (Credit: OFFICEUNTITLED and AvalonBay)

AvalonBay Communities has secured $167 million in construction financing for its 475-unit mixed-use development in the Arts District.

The loan came from a syndicate of banks led by Bank of America, according to the Los Angeles Business Journal.

The AVA Arts District project is set to rise on a 3.75-acre site at 668 South Alameda Street. It will have 60,000 square feet of commercial space along with its rental units. The Los Angeles City Council approved the project in 2018.

Cushman & Wakefield’s Rob Rubano arranged the loan, according to the report. AvalonBay started setting up the financing before the pandemic hit, and the loan ended up getting delayed three months, he said.

“Had we not started it pre-Covid, we would probably still be working on it,” he told the outlet.

Nationwide, the pandemic caused lenders and developers to slam the brakes on much of their activity in the early months. But some of that picked up in the second quarter, with domestic banks providing $380 billion in construction loans from April through June. Most of that went to large commercial projects.

Most projects that break ground this year will take at least a couple of years to deliver, including AVA Arts District, which is slated for completion in 2022. [LABJ]Dennis Lynch 


Related Articles

arrow_forward_ios
(Getty, iStock)

Pasadena ignores LA County outdoor dining suspension

Pasadena ignores LA County outdoor dining suspension
Villa Blanca in Beverly Hills and Le Pain Quotidien's West Hollywood location are just two restaurants to recently close due to the coronavirus pandemic (Getty)

LA County orders restaurants to suspend outdoor dining

LA County orders restaurants to suspend outdoor dining
Gov. Gavin Newsom (Getty)

Statewide curfew means more bad news for restaurants, retailers

Statewide curfew means more bad news for restaurants, retailers
California Retailers Association president Rachel Michelin (iStock)

Skeptical retail lobby wants data to justify Covid restrictions

Skeptical retail lobby wants data to justify Covid restrictions
Orange County, CA (iStock)

SoCal home sales prices and volume surge

SoCal home sales prices and volume surge
(Getty)

LA County reduces retailer hours, warns of potential stay-at-home order

LA County reduces retailer hours, warns of potential stay-at-home order
Construction on the Hotel Tower at The Grand in downtown Los Angeles (Mel Melcon/LAT/Getty)

Developers proposing fewer projects during pandemic

Developers proposing fewer projects during pandemic
Gov. Gavin Newsom (Getty)

Statewide Covid spike forces more businesses to close

Statewide Covid spike forces more businesses to close
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...