Quantum Capital Partners has announced a $26 million construction loan for a proposed mixed-use residential development on a vacant lot in Rosemead.

Rendering of Prospect Villa developmentCity of Rosemead

The project from The Connected Companies, named Prospect Villa, will rise from a corner lot located at7539-7545 Garvey Avenue. Named for its cross street of Prospect Avenue, the project is to consist of a seven-story building featuring 75 one-, two-, three-, and four-bedroom apartments, a portion of which would be designated as live/work units, as well as roughly 6,350 square feet of ground-floor commercial space and parking for 147 vehicles.

"Securing construction financing in today's capital markets requires a compelling sponsor and a project that truly fits the local demographic," said Kevin Wong of Quantum Capital Partners, who arranged the loan. "The Connected Companies is developing a project that directly addresses the housing needs of Rosemead, and lenders responded positively to the vision of transforming this underutilized site into a vibrant community hub."

7539 & 7545 Garvey AvenueCity of Rosemead

Scales Lab Architects is designing Prospect Villa, which would include terrace decks at the rear of the property.

Construction of the building is set to begin immediately.

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