With a $47-million loan in hand, construction is getting underway for another mixed-use apartment complex next to the L Line in Azusa.
A recent groundbreaking ceremony marked the start of work on The Lumia Apartments, a new project from Serrano Development Group located on a 1.2-acre site at 826 N. Azusa Avenue. Plans call for the construction of 127 market rate residential units atop 9,500 square feet of ground-floor retail space and two levels of subterranean parking.
The construction loan was provided by Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners, L.P., in its third deal with Serrano.
“At Buchanan we focus on building relationships with our clients, and we’re proud to close our third financing with Serrano Development Group, particularly on a significant project such as Lumia, which is an integral component in Azusa’s ongoing expansion and will provide much needed housing for the local community,” said Buchanan’s head of debt originations Scott Magoffin in a news release. “Our involvement in the development of a new multifamily community in Southern California pairs our construction lending expertise and Serrano’s development capabilities in this highly competitive and supply-constrained market.”
Serrano is already an active developer in the Azusa community, having built the 163-unit Orchard apartments a few blocks south of the L Line stop at 626 N. Azusa Avenue. The developer is also in construction at a similar mixed-use project near a future West Sana Ana Branch stop in the City of Bellflower.
- Azusa (Urbanize LA)