California + Los Angeles + Finance | March 4, 2021

Construction is Underway Following $81M Loan for Adams & Grand

Construction financing of $81 million is now in hand for the development of Adams & Grand, a mid-rise transit-oriented multifamily project at 2528 S. Grand Ave. within a Qualified Opportunity Zone in Los Angeles. Construction is planned to begin immediately with completion in mid-2023.

JLL worked on behalf of the borrower, Cityview, to secure a structured loan through ACORE Capital, a commercial real estate finance company and debt fund manager. The JLL team was led by Paul Brindley, Anson Snyder, Chad Morgan and Lillian Roos. ACORE’s Anthony Marconi originated the loan.

“High-quality housing proximate to job centers, education and medical uses remain attractive to the resident and investor,” Snyder said. “Cityview continues to deliver on this model and transform Los Angeles neighborhoods.”

Adams & Grand will offer 296 studio, one- and two-bedroom units including 25 affordable apartments set aside for low-income tenants. The approximately $125 million property will comprise one seven-story building with ground-floor retail and 360 parking spaces.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.