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4/29/21
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GR Properties USA Inc has obtained $58 mil in financing for a seven-story, mixed-use development across from Sony Pictures Studios in Culver City. The financing, arranged by George Smith Partners (GSP), consists of $42 mil in senior construction debt from a Life Company capital provider, along with $16 mil in preferred equity.
Located at 10375 Washington Blvd, the development sits between Venice and Culver Blvds at the northeast corner with Motor Ave. It broke ground earlier this year and is expected to be completed in spring of 2023.
The project features 139 apartments, including 14 affordable units, above 2k sf of ground floor retail. The apartments will be a combination of studios, one-bedroom and two-bedroom units, with many common area amenities, including a swimming pool, clubhouse, and fitness center.
GSP’s Antonio Hachem and his team secured the non-recourse, construction financing for GR Properties.
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