Cityview secures $81 million loan secured for Los Angeles multi-housing development

Cityview has secured $81 million in construction financing to develop Adams & Grand, a mid-rise, transit-oriented, multi-housing building in Los Angeles.

Adams & Grand at 2528 S. Grand Ave. will offer 296 studio, one- and two-bedroom apartment units, including 25 affordable apartments set aside for low-income tenants. The property will comprise one seven-story building with ground-floor retail and 360 parking spaces for residents and commercial tenants.

The building is designated as LEED Silver/CalGreen with energy efficient HVAC units, low flow plumbing fixtures and Nest thermostats.

The community amenities include a two-story clubroom, business center, two sky decks, yoga studio, fitness center, swimming pools, dog spa and bike storage.

Construction is planned to begin immediately with completion in mid-2023.