George Smith Partners arranges $47,000,000 construction financing for 127-unit multifamily project in Azusa, CA

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Jonathan Lee, Shahin Yazdi, Miles Musalman, Kyle Redmond and the rest of their team at George Smith Partners, a leading Los Angeles-based commercial real estate capital advisory firm, arranged a $47 million construction financing for Lumia, a ground floor of more than 127 units. multi-family project in Azusa, CA.

The transit-oriented development mixed-use project began in the first quarter of 2022. Lumia will be a 5-story building with an underground parking level consisting of 127 apartments and approximately 10,000 square feet of retail space, retail and catering space that can be divided into 6 separate spaces. units. There will be 176 parking spaces, 43 of which will be designed as spaces for electric vehicles.

“The Lumia development is poised to become a top option for future residents as they deal with rising housing costs and inflationary pressures that consumers face. Lumia will be one of the lowest priced options for a Class A apartment building in the San Gabriel Valley. Coupled with the Gold Line just steps away, future residents will be able to ride world-class public transit to employment and entertainment options, allowing them to better control their transportation costs and improve outcomes. of their household,” said Jonathan Lee, Senior Manager/General Manager. at George Smith Partners.

“Serrano Development Group is thrilled to bring Lumia to downtown Azusa. Lumia marks our second major investment in the city and reflects our confidence in the ongoing renaissance of downtown Azusa. Residents will enjoy well-appointed units with a focus on technology, making Lumia a premier housing option in the San Gabriel Valley,” said Jason Tolleson, director of Serrano Development.

Lumia is located in a suburb of the San Gabriel Valley in East Los Angeles, directly across from the Azusa Downtown Metro L (Gold) station, New Bus Terminal, Target, and Smart & Final. This project will provide housing and retail opportunities for healthcare professionals in the City of Hope and Kaiser Permanente. The address is 800 N. Azusa Avenue, Azusa, CA.

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