Mosaic Secures $56M to Build Student Apartments Near USC
Firm's first ground-up development to be completed by 2025
The $56 million, 18,800-square-foot site at 1069 West Exposition Boulevard in Los Angeles will be developed into a 75,000-square foot residential community thanks to joint venture equity and mezzanine financing from HC2 Capital, as well as a senior construction facility from Calmwater Capital.
Officially branded as Tessera, the 53-unit, seven-story building will feature fully furnished studio, one-, two-, three- and four-bedroom apartments. Tessera will be Mosaic’s first ground-up development, as well as its largest housing community, and is expected to be completed by 2025.
The project is within half a block of the USC campus and is across the street from the Expo/Vermont Metro E Line station.
“Tessera will provide USC students with a unique blend of luxury, convenience and community,” George Alva, Mosaic’s co-owner, said in a statement. “We brought in an award-winning architect and a high-end design firm that specializes in luxury homes in Malibu and Pacific Palisades to help us create what we expect to be a stunning, world-class building with resort-like common area spaces including a highly amenitized rooftop with a pool, multiple fire pits, large outdoor dining area, and a dog park.”
Nick Trombola can be reached at NTrombola@commercialobserver.com.