Acore Capital provided $ 81 million in mortgage lending for Cityview’s Adams & Grand mixed-use project near the University of Southern California. Cityview announced the announcement, and Commercial Observer first covered the news.
The only true reports on the Credit in December, but Cityview did not disclose the amount or the name of the lender at the time. The project comprises 296 residential units and 5,000 square meters of retail space. Cityview plans to break ground for the seven-story building at 2528 South Grand Avenue immediately. The construction work should be completed in 2023.
Because of its proximity to the USC campus, Cityview aims to attract a crowd of faculties, staff, and students, as well as other professionals, said CEO Sean Burton. There will be 125 studios as well as 87 one-room and 84 two-room apartments. Almost 10 percent of the total units are rented below market prices.
The amenities include two roof terraces, a club room, a fitness room, a pool, a pet run and a washing station, as well as an outdoor lounge.
Cityview named Adams & Grand a $ 125 million development and named 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 set in December 2019.
Acore recently closed a $ 1 billion debt fund is aimed at hotel owners who cannot extend or renegotiate their loans with their main lenders. It is planned to offer mezzanine and preferred equity debt securities that typically have higher interest rates compared to traditional loans.