SAN GABRIEL, CALIF. — Calmwater Capital has provided Alhambra-based GE Development with a $32.2 million construction loan for the completion of The One, a multifamily community in San Gabriel, a suburb of Los Angeles. The transaction also included an additional $3.7 million in subordinate financing from a Los Angeles-based alternative lender in order to reduce the borrower’s equity commitment.
The financing will be used to take out the original construction loan with a portion of the proceeds to be used to fund hard and soft costs needed to bring the project to 100 percent completion. The property was 86 percent completed at loan closing.
Located at 101 E. Valley Blvd., The One will feature 81 market-rate studio, one- and two-bedroom apartments in a multi-level, four-story building. Additionally, the property will offer 13,000 square feet of street-level retail space, a three-level subterranean parking garage, interior retail plaza and pedestrian promenade, resident sundeck and a rooftop garden. Completion is slated for second-quarter 2024.
Zalmi Klyne and Karl Weidell of Northmarq’s Los Angeles office arranged the financing. Larry Grantham, Zach Novatt and DaJuan Bennett of Calmwater originated the loan.