San Pedro Development Lands $110 Million Loan


A rendering of a house designed for the San Pedro development under construction.

A joint venture between Harridge Development Group, Silverpeak Real Estate Partners and a subsidiary of Cerberus Capital Management has received a $ 110 million loan for single family homes in San Pedro.

The money was raised by Madison Realty Capital for the development on S. Western Ave. 27812 provided.

According to Madison Realty Capital, most of the land in the proposed master community has been sold or is under construction with developers.

The plots were purchased in 2018 and the site with infrastructure and roads prepared for sale to national construction companies.

Adi Chugh of Maverick Commercial Properties advised the borrowers on the transaction.

“We are pleased to offer an attractive, flexible financing solution to an institutional sponsorship group to support the final stages of the development of much needed, high quality, affordable housing for San Pedro, a historic district less than 20 miles south of downtown Los Angeles, ”said Josh Zegen, managing director and co-founder of Madison Realty Capital, in a statement.

“Madison Realty Capital has extensive experience financing residential projects across the country at all stages of development, from construction to rental. In addition, this transaction is the third project we have funded for Harridge Development, a world-class real estate developer with a strong track record of executing, ”he added.

Harridge Development is based in Century City and is behind many large projects in LA

The company is developing the $ 1 billion Crossroads Hollywood project, which will also include the existing Crossroads of the World shopping mall.

Upon completion, the property will have nine new buildings, including a 308-room hotel. It will have 950 apartments, including 105 affordable units. There will also be 190,000 square feet of commercial space.

Harridge Development's previous projects include the 218-unit luxury apartment project, McCadden Apartments.

Company founder, CEO and President David Schwartzman began his career as a residential home builder and has developed more than 3,000 homes in his career.

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https://businessservicesnews.ca/2021/04/26/san-pedro-development-lands-110-million-loan/

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