Lendlease Secures $316M Construction Loan for L.A. Mixed-Use Project
Barings and Counterpointe provided the financing package
By Nick Trombola August 28, 2024 4:50 pm
reprints
A massive new mixed-use district is on the way in Southern California, and its developers just secured a nine-figure loan to help get it across the finish line.
Australia-based developer Lendlease, together with its joint venture partner Aware Super (which manages pension funds in the land down under), has secured $316 million in construction financing for Habitat, a 454,000-square-foot project in Culver City, Calif., in Greater Los Angeles.
Habitat will feature a six-story, 253,000-square-foot office building, a 12-story, 260-unit “ultra luxury” multifamily building, 2,900 square feet of retail space, and an acre of integrated open space designed by L.A.-based landscape architecture firm Relm. The project at 3401 South La Cienega Boulevard is adjacent to the La Cienega/Jefferson Metro station.
Investment management firm Barings and Counterpointe Sustainable Real Estate provided the hybrid financing package, which uses C-PACE funding on the sustainable aspects of the development, such as its planned 125-kilowatt solar array. Indeed, the project is designed to achieve net-zero carbon emissions in construction and in operation once complete in early 2026.
“Our ability to secure financing in today’s capital-constrained environment not only validates our vision for this transformational project, but also speaks to our network of financing partners that highly value the Lendlease and Aware Super sponsorship,” Meg Spriggs, Lendlease’s managing director of development of Americas, said in a statement.
The project is designed by New York-based SHoP Architects, with A+I designing the commercial interiors and Steinberg Hart as executive architect. Other sustainable aspects of the development include 64 dedicated electric vehicle parking spots, over 220 dedicated bicycle parking spaces, natural ventilation and lower-carbon concrete.
Yet Habitat isn’t the only mixed-use property in Culver City getting the multimillion-dollar financing treatment lately. Hackman Capital Partners and Affinius Capital earlier this month secured a $75 million refinancing bundle from Deutsche Bank and Wells Fargo toward Culver Steps, an office and retail district anchored by Amazon Studios and luxury grocer Erewhon.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
