Realm Group begins construction of apartment development in Pomona, California
Newport Beach, California-based Realm Group has obtained debt financing and started construction on Monterey Station, a 349-unit transit oriented apartment development on 6.5 acres in downtown Pomona.
The urban infill redevelopment site is located adjacent to the community's Metrolink Station, connecting residents to LA Union Station and the Inland Empire, and burgeoning education, civic, arts, music, restaurant and nightlife amenities.
The LEED Silver community will offer studio, one and two bedroom units, ground floor live-work apartments and select lofts. The project will also feature nine-foot ceilings, in-unit washers and dryers, stainless steel appliances, wood plank vinyl flooring and wireless connectivity. Common area amenities encompass a resort style pool with cabanas, state-of-the-art fitness facility, multi-purpose room, meditative courtyard and indoor bike storage. The location, at the corner of Monterey and Garey Avenues, provides convenient access to the 10, 60, 71 and 57 freeways.
Gary Mozer and Katie Rodd of George Smith Partners worked exclusively on behalf of Realm Group to secure a USD39.5m senior construction loan from Bank of the West and US Bank and an USD8.5m mezzanine loan from Parse Capital. Proceeds were used to refinance the existing land acquisition loan provided by Karlin Real Estate and allow for the construction of the property.
Darrin Olson, principal of Realm Group, says: "Monterey Station will be the first sizable at-market rental development that is walkable in Pomona in 20 years and will appeal to urban professionals and students in the submarket who desire a downtown living experience."
Todd Caldwell, development manager at Realm Group, says: "The city of Pomona has been instrumental in ensuring a successful launch of this project and the overall redevelopment of downtown. We are excited about the construction commencement and plan to have apartments available for lease as early as the summer of 2014."