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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).