The developer behind a stalled mixed-use apartment complex at the intersection of Valley Boulevard and Del Mar Avenue in San Gabriel has secured funding to push the project over the finish line.

Calmwater Capital has announced a $32.5 million construction loan to GE Development, Inc. for the completion of The One, which is located at 101 E. Valley Boulevard. The project is slated to feature 81 studio, one-, and two-bedroom apartments, resident amenities, subterranean parking, and 13,000 square feet of ground-floor commercial space when completed.

101 E. Valley BoulevardGoogle Street View

“Undertaking projects mid-construction inherently involves various uncertainties and challenges, which can be particularly complex to manage,” said Calmwater managing principal Larry Grantham, who worked on the deal along with Zach Novatt and DaJuan Bennett. “With our construction experience, we were able to structure the loan to ensure the sponsor would have the necessary funds to address any contingency and deliver the property on time.”  

At the time the loan closed, the project was approximately 86 percent complete. The new funding from Calmwater will be used to take out the original construction lender and finish the project. Zalmi Klyne and Karl Weidell of Northmarq’s Los Angeles office arranged the financing.

101 E. Valley BoulevardGoogle Maps

Construction is on pace for completion in the second quarter of 2024. Between two signed leases and two accepted letters of intent, roughly 70 percent of the ground floor retail space will already be spoken for when that happens.

The One is located directly across Valley Boulevard from San Gabriel's Focus Plaza, anchored by 99 Ranch Market, and east across Del Mar Avenue from a larger mixed-use complex featuring a hotel, residential uses, and ground-floor commercial space.

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