Lendlease and Aware Super have snagged $316 million in construction financing for a mixed-use project containing 260 luxury apartments in Baldwin Hills.
The Australia-based developer and pension fund secured the loan for Habitat, a 461,000-square-foot, two-building project at 3401 South La Cienega Boulevard, the Commercial Observer reported. It would replace a 3.5-acre storage facility.
Barings and Counterpointe Sustainable Real Estate provided the hybrid financing package for the approved project east of Culver City.
Part of the deal employs C-PACE funding on the sustainable portions of the project, including a 125-kilowatt solar array. The development is designed to achieve net-zero carbon emissions, both in its construction and operation, when complete in early 2026.
Plans for the project include a 12-story, 260-unit “ultra luxury” apartment building; a six-story, 253,000-square-foot office building; and 2,900 square feet of ground-floor shops and restaurants. An underground garage would serve 785 cars.
The project, designed by New York-based ShoP Architects, would feature a residential tower and office building with upper-level setbacks to create terrace decks. The office building would include mass timber in its design.
An acre park, designed by Downtown L.A.-based Relm, would fill out the “live-work-thrive” campus and it would open onto a bike path near Metro’s La Cienega/Jefferson Station.
Sustainable aspects of the development include 64 electric vehicle parking spots, more than 220 bicycle parking spaces, natural ventilation and lower-carbon concrete.
Lendlease bought the development site in 2021 for $92 million, with plans for its first project in Los Angeles. Three years ago, the project was estimated to cost $600 million.
Habitat isn’t the only mixed-use development near Culver City to secure multimillion-dollar financing, according to the Observer.
Hackman Capital Partners and Affinius Capital landed a $75 million refinancing package this month from Deutsche Bank and Wells Fargo to build Culver Steps, an office and retail project anchored by Amazon Studios and luxury grocer Erewhon.
— Dana Bartholomew
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