Calmwater Capital has provided a $32.25-million construction loan to Alhambra-based GE Development, Inc. for the completion of The One, an 81-unit multifamily development in San Gabriel featuring over 13,000 square feet of street-level retail space. Zalmi Klyne and Karl Weidell from Northmarq’s Los Angeles office arranged the financing.
The loan will be used to pay off the original construction lender and cover both hard and soft costs necessary for completing the project at full capacity. Situated across from San Gabriel’s iconic Focus Plaza and set to open in Q2, The One was already 86% completed at the time of closing.
“Undertaking projects mid-construction inherently involves various uncertainties and challenges that can be particularly complex to manage,” stated Calmwater managing principal Larry Grantham confidently. “Leveraging our extensive experience with construction loans, we were able to structure this financing arrangement in a way that ensures our sponsor has ample funds available for any potential contingencies while also guaranteeing timely delivery of this property.”
