The developers of a Downtown L.A. apartment complex just pulled a chunk of cash out of the project.
Z&L Properties in Forest City and Guangzhou, China-based Poly Real Estate Group got a $90 million loan on their project at 1133 South Hope Street, records show. Mortgage banker BWE announced the financing this week, but did not disclose the borrower or lender.
The Guardian Life Insurance Company of America provided the loan. Terms of the financing were not disclosed.
The new “permanent placement loan with a top-tier insurance company represents a long-term financing solution,” BWE said in a release.
Guardian Life’s new financing replaces a $80 million construction loan, provided by Industrial and Commercial Bank of China in 2019, records show.
Completed in 2020, the 208-unit complex includes studio, one-bedroom, two-bedroom and four-bedroom units. Amenities at the complex include a fitness center, communal kitchen, pool and spa.
The building also includes around 5,000 square feet of ground-floor retail space. Loan documents show the developers are barred from leasing the commercial space to marijuana distributors or sellers.
Z&L Properties is currently developing 12 projects across California, with more than 3,400 units. The project on Hope Street is one of two in Los Angeles — the developer is also building a residential and retail project with 166 units at 2806 West 7th Street.
The firm is named in loan documents as the developer along with the U.S. unit of Poly Real Estate Group — a real estate developer focused on building residential and commercial properties in China. Around 40 percent of the firm is owned by China Poly Group, a state-owned business group.