Cityview CEO Sean Burton, Acore’s Anthony Marconi and a rendering of the project (Cityview, Humphreys & Partners Architects, Google Maps)
Acore Capital provided $81 million in construction financing on Cityview’s Adams & Grand mixed-use project near the University of Southern California. Cityview made the announcement, and Commercial Observer first reported the news.
The Real Deal reported on the loan in December, but Cityview did not disclose the amount or the name of the lender at the time. The project will include 296 residential units and 5,000 square feet of retail space. Cityview looks to immediately break ground on the seven-story development at 2528 South Grand Avenue. Construction is expected to wrap up in 2023.
Because of its proximity to the USC campus, Cityview aims to attract a college crowd of faculty, staff and students, along with other professionals, its CEO Sean Burton has said. There will be 125 studios, along with 87 one-bedroom and 84 two-bedroom units. Just under 10 percent of the total units will be rented at below market-rate.
Amenities include two rooftop decks, a club room, gym, pool, pet run and wash station, and an outdoor lounge.
Cityview has called Adams & Grand a $125 million development, and has labeled it an Opportunity Zone project. Over $12 billion was invested in Opportunity Zone Funds in the first eight months of 2020, after final rules on the federal tax deferral program were finalized in December 2019.
Acore recently closed a $1 billion debt fund targeting hotel owners who can’t extend or renegotiate their loans with their primary lenders. It plans to offer mezzanine and preferred equity debt, which typically have higher interest rates compared to conventional loans.