Calmwater Capital, a leading provider of real estate financing solutions, recently provided a $32.25-million construction loan to GE Development, Inc., based in Alhambra. The loan will be used for the completion of The One, an 81-unit multifamily development with over 13,000 square feet of street-level retail space located in San Gabriel.
The financing was arranged by Zalmi Klyne and Karl Weidell from Northmarq’s Los Angeles office. It will replace the original construction lender and also provide funds for both hard and soft costs necessary to bring the project to full completion. Situated across from San Gabriel’s iconic Focus Plaza and set for delivery in the second quarter of this year, the property was already 86% completed at closing.
According to Larry Grantham, managing principal at Calmwater Capital: “Taking on projects that are already mid-construction can present various uncertainties and challenges that require careful management.” He further added: “With our extensive experience in construction lending, we were able to structure this loan effectively so that our client has access to sufficient funds for any unforeseen contingencies while ensuring timely delivery of the property.”
This recent transaction highlights Calmwater Capital’s expertise as well as its commitment towards providing tailored financial solutions that meet their clients’ specific needs.
