Principal and Managing Director Malcolm Davies and Senior Vice President Zack Streit of The Davies Group at George Smith Partners, a Los Angeles-based leading commercial real estate capital markets advisor, arranged $45.5 million in construction completion and inventory financing for Ato, a 77-unit, 81,618-square-foot mixed-use condominium project located in the heart of Little Tokyo in Downtown Los Angeles.
Nestled in the largest and most populous Japantown in the United States, the development provides unparalleled accessibility to thousands of cultural hotspots, such as Maruakai Market, Japanese Village Plaza and the Grand Central Market. The project is the sole new construction delivery into Little Tokyo currently and features 2,400 square feet of ground floor retail and an 8,000 square foot rooftop amenity area. It is slated to deliver in the first quarter of 2022.
“We are extremely excited to have identified a lender that understands the value of this location within Little Tokyo and believes in the recovery of Downtown Los Angeles coming out of COVID-19,” said Streit. “The lender also recognized the sponsor’s strength, track record and ability to execute on its business plan.”
As a smaller submarket of Downtown Los Angeles, Little Tokyo spans about five city blocks and is a cultural epicenter with roots dating back to the 1880s. From sushi to ramen to Japanese BBQ, Little Tokyo is home to eateries that will satisfy each and every craving. On a larger scale, residents living in Downtown Los Angeles have 1000+ bars, restaurants, and nightclubs, 60+ art galleries, and 15+ farmers’ markets, grocers and coffee shops to choose from.
Despite COVID-19-related challenges, the project builds on Downtown Los Angeles’ long-term economic growth and limited new supply of residential condominium projects.
Davies and Streit, along with other Davies Group members, Senior Vice President Alexander Rossinsky; Vice President Drew Sandler; Assistant Vice Presidents Aiden Moran and Brandon Asherian; and Analyst Ben Tracy sourced the financing on behalf of the sponsor.
About George Smith Partners
George Smith Partners is a leading national provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged participating loans and joint venture equity. The company has arranged more than $58 billion in financing since its inception. Additional information about George Smith Partners is available at www.GSPartners.com.