Realm Group LLC, a joint venture between Realm Real Estate and The Bascom Group, has obtained debt financing and subsequently broken ground on Monterey Station, a planned 349-unit, transit-oriented multifamily community on 6.5 acres in downtown Pomona, CA.
The urban infill redevelopment site at the corner of Monterey and Garey Avenues, is located near the Metrolink Station, providing access to downtown LA and the Inland Empire, as well as proximity to the 10, 60, 71 and 57 Freeways.
Being designed to LEED Silver standards, the apartment building will offer studio, one- and two-bedroom units, live-work units, and select lofts. In-unit amenities will include 9-foot ceilings, washers and dryers, stainless steel appliances and wireless connectivity. In addition, residents will enjoy a swimming pool with cabanas, fitness facility, multi-purpose room, courtyard, and indoor bicycle storage.
KTGY Architecture+Planning is the architect, and Wermers Construction is serving as general contractor for the project. Riverstone Residential will manage the property, with availability planned for the summer of 2014.
Gary Mozer and Katie Rodd with George Smith Partners worked on behalf of the Southern California multifamily and office developer to secure a $39.5 million senior construction loan from Bank of the West and US Bank, and an $8.5 million mezzanine loan from Parse Capital; the proceeds from which were used to refinance the existing land acquisition loan originally from Karlin Real Estate and to allow for construction of the property.