June 29, 2020
PCCP has provided a $39.4 million senior loan for the ground-up development of Acero Glendale, a 352-unit, garden-style apartment project in Glendale.
Located at the corner of 95th Avenue and Missouri Avenue, the project will include 18 residential buildings. The development is expected to deliver its first units in mid-2021 with the entire project being completed in 2022. Unit interiors will include hard surface countertops, vinyl plank flooring, air conditioning, in-unit laundry rooms, private patios and stainless steel appliances. Amenities will feature two pools, a fitness center, leasing office, community room and lounge with kitchen as well as outdoor common areas.
Adam Deermount, Steve Sims and John Meek of RanchHarbor and David Kidder of Landmark Real Estate arranged the financing on behalf of the borrower, IDM Cos.
For comments, questions or concerns, please contact David Cohen