California + Apartments | April 13, 2021

Financing of $58M Gets Housing Development Underway

Sacramento continues to record net population inflows as businesses and individuals flock to this capital city. And more housing is on the way.

Financing of $58.4 million was recently secured for a new 153-unit development on behalf of Anthem Properties Group of Canada. The project, located at the intersection of 11th and J streets in a downtown Opportunity Zone, is expected to be complete in the spring 2023.

The development will be located near Cathedral Square station on SacRT’s Blue Line. Amenities include ground-floor retail, fitness center, courtyard and a rooftop deck with views of the state capitol building.

George Smith Partners’ Gary E. Mozer, principal/co-founder, along with members of his team in the Los Angeles office, sourced $39.6 million in debt financing through HSBC and structured an $18.8 million joint venture agreement with Canyon Partners Real Estate for the development.

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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.