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1/20/15
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Trumark Urban is underway with development of a 22-story, 151-unit luxury condominium in downtown Los Angeles. Construction, which started last week and is expected to be completed in 2016, was funded with a $77.8 mil senior loan provided by PCCP LP.
The project is located at 1050 S. Grand Ave, at 11th St, on the east side of LA’s South Park area and just three blocks from Staples Center, LA Live, Nokia Theatre, and numerous restaurants, bars, and retail amenities. Trumark Urban acquired the fully entitled site in November 2014.
This location offers convenient access to three major freeways and a light rail station, also just three-blocks away.
The property will include one-, two-, and three-bedroom units in one, 22-story tower, which will contain both above-grade and subterranean parking. The residential units will be on floors six through 22, and the fifth floor will include an amenity terrace with state-of-the art fitness and common area facilities, as well as a swimming pool and cabanas. The ground-level floor will contain 5.7k sf of retail, with storefronts on Grand Ave. and 11th Street.
The financing was arranged by a team lead by John Manning and Chris Casey of JLL Capital Markets.
“1050 S. Grand will be one of the first new condo projects in Downtown Los Angeles in over seven years,” said Ron Bonneau, senior vice president with PCCP, LLC. “Downtown Los Angeles continues to attract investors, residents, and businesses that are drawn to the entertainment, retail and dining options in a central urban setting. Apartment development in Downtown LA has been strong, however, there has been very few new condo units developed since the downturn. 1050 S. Grand’s timing to market gives it a competitive advantage, and PCCP is happy to be part of Trumark’s effort to bring much needed for-sale housing units to Downtown LA.”
Bonneau noted that inventory of for-sale Downtown housing units is at its lowest level in over five years, and there is only one other condo project currently under construction. Construction started last week and the project is expected to be completed in 2016.
The property is being developed by Trumark Urban, a division of the Trumark Group of Companies, which focuses on developing commercial condos in core urban neighborhoods close to jobs, transit and local businesses. Founded in San Francisco in 2011, the new division has expanded into Los Angeles and now has nine high-density condominium communities in process with plans in the works for more than 1,000 units for total projected revenue in excess of $1 bil.
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