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GE Development Lands Takeout Loan for San Gabriel Apartments
Calmwater Capital provided Alhambra-based GE Development, Inc. with a $32.25-million construction loan for completion of The One, an 81-unit multifamily development with more than 13,000 square feet of street-level retail in San Gabriel. Zalmi Klyne and Karl Weidell in Northmarq’s Los Angeles office arranged the financing.
The financing will be used to take out the original construction lender with a portion of the loan proceeds to be used to fund hard and soft costs needed to bring the project to 100% completion. Located across the street from San Gabriel’s landmark Focus Plaza and scheduled to deliver in the second quarter, the property was 86% completed at loan closing.
“Undertaking projects mid-construction inherently involves various uncertainties and challenges, which can be particularly complex to manage,” said Calmwater managing principal Larry Grantham. “With our construction experience, we were able to structure the loan to ensure the sponsor would have the necessary funds to address any contingency and deliver the property on time.”
- ◦Development
- ◦Financing
