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George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

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The new development in Culver City, Calif., will features 139 apartments, including 14 affordable units, a swimming pool, clubhouse, fitness center and 1,969 square feet of ground-floor retail space.

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA.

The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space.

Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.

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