Champion Real Estate has secured a $28.5 million loan to fund the acquisition of a luxury rental development on a three-acre plot in University Park.
Los Angeles-based Calmwater Capital provided the loan, according to CoStar.
The site is a few blocks from the University of Southern California campus.
Champion is now in the entitlement process and has plans to build 100 luxury townhomes with a suite of amenities including a club house, swimming pool, and gym. The firm will also set aside five units at some level of affordability following a request from the L.A. City Council.
Champion founder and CEO Bob Champion said the area had a “shortage of luxury rental housing,” CoStar reported.
Champion is mostly active in Koreatown and Hollywood, but entered the Glendale market in January with its $34 million purchase of two multifamily projects.
Champion plans to break ground in University Park by spring 2019 on that project. [CoStar] — Dennis Lynch