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1/27/20
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Serrano Development Group has obtained $55 mil in construction financing for development of The Orchard, a 177k sf mixed-use residential and retail development located in Azusa. The loan, which will be used to build 163 market-rate apartments over 31.7k sf of retail space, was provided by Buchanan Mortgage Holdings.
The property is a transit-oriented development that will anchor downtown Azusa at the corner of N. Azusa Ave and historic Route 66. The site offers walkable access to the Azusa Pacific and Citrus Colleges, as well as the Downtown Metro Goldline, which is a 45-minute public transit commute to Downtown Los Angeles.
The Orchard improvements will be institutional-quality, class-A multifamily improvements comprised in two buildings that will be connected via a second-story footbridge. The project will also have subterranean parking to service the residential units along with Class A finishes in the units.
The development represents Serrano Development Group’s second mixed-use development and non-recourse construction loan with Buchanan in the last two years.
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