Calmwater Capital Provides $33M Construction Loan for San Gabriel Multifamily
The 81-unit mixed-use property will reside across the street from the iconic Focus Plaza mall
GE Property, an Alhambra, Calif.-based development firm, has secured $32.25 million in construction financing to build The One, an 81-unit mixed-use multifamily complex in San Gabriel, Calif., Commercial Observer has learned.
Calmwater Capital provided the loan, which will take out the property’s previous construction financing and fund both hard and soft costs of remaining construction. The building was 86 percent complete at the time of closing.
Calmwater’s Zach Novatt led the firm’s origination effort on the construction loan.
“With our construction experience, we were able to structure the loan to ensure the sponsor would have the necessary funds to address any contingency and deliver the property on time,” said Larry Grantham, Calmwater Capital managing principal, in a statement.
The Northmarq team of Zalmi Klyne and Karl Weidell arranged the financing on behalf of GE Property, who will receive an additional $3.75 million from an unnamed, Los Angeles-based alternative lender to reduce the firm’s equity commitment.
Located at 101 East Valley Boulevard, a single-acre site in the center of the San Gabriel commercial corridor, The One will deliver a mix of studio, one- and two-bedroom apartments to a neighborhood defined by Focus Plaza, a 12-acre retail center.
Amenities at the four-story building will include a three-level underground parking garage, a roof deck and a sun deck. The One also will boast more than 13,000 square feet of ground-level retail space upon completion, which is scheduled for the second quarter of 2024.
Thus far, two leases and two letters of intent making up roughly 70 percent of the retail space have already been signed and accepted.
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