November 6, 2018 Comments Off on Related Secures $630M in Financing for DTLA’s Grand Avenue Project Views: 3761 California News, Top California

Related Secures $630M in Financing for DTLA’s Grand Avenue Project

Related Cos. secured $630 million in construction financing for the Grand, a mixed-use development in DTLA. The $1-billion Frank Gehry-designed retail, entertainment and hotel project is scheduled to be completed by 2021.

German lender Deutsche Bank provided the financing. Construction will commence on the project this month on a site along Grand Avenue between 1st and 2nd streets, just across the street from the Walt Disney Concert Hall.

Anchored by a central public plaza, the 215,000 square feet of retail space is spread across a series of landscaped open terraces, along with a movie theater complex and a 20-story, 309-room Equinox Hotel. The residential component includes 436 residences in a 39-story tower.

The development team also includes CORE USA, a joint venture of China Harbour Engineering Company and CCCG Overseas Real Estate (CORE). The project also received $290 million in financing from CORE.

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