January 9, 2019— Buchanan Street Partners closed a construction loan for The Orchard, a 177,000 SF mixed-use residential and retail development located in Azusa, CA. The $55,000,000 loan will be used to build 163 market-rate apartments over 31,700 SF of retail. The development represents the borrower’s second mixed-use development and non-recourse construction loan with Buchanan in the last two years.
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 multi-family 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 borrower and Buchanan leveraged the success of their first construction financing to develop a larger construction facility that would have similar terms, but was also customized to meet The Orchard’s particular requirements.
“We’re excited about the closing of this significant construction facility that allows us to continue our relationship with this borrower. This loan continues to demonstrate our performance in the construction lending market. Buchanan’s ownership background in multi-family provides us a unique perspective and insight to accommodate structured financing requests such as this,” stated Joe Maehler, Senior Vice President at Buchanan Street Partners.