Fortress Investment Group has provided a $96 million whole loan to refinance construction debt and support leasing efforts for Jasper, a newly developed 296-unit Class A multifamily community in Downtown Los Angeles, reflecting its strategic focus on high-quality urban residential assets.

Information on the target

The transaction involves a $96 million whole loan secured for Jasper, a newly developed 296-unit Class A multifamily community situated in Downtown Los Angeles, California. This property, developed and owned by Cityview, is designed to cater to the growing demand for high-quality residential living in urban areas. The financing will facilitate the refinancing of existing construction debt while supporting the ongoing leasing efforts of this modern community.

Jasper, completed in 2023, is a seven-story multifamily building located at 2528 South Grand Avenue, conveniently positioned near the University of Southern California campus. The property boasts a diverse mix of studio, one-bedroom, and two-bedroom residences, all featuring high-end finishes and a comprehensive range of amenities, including affordable housing units.

Industry overview in the target’s specific country

The multifamily housing sector in the United States has experienced significant growth in recent years, driven by urbanization trends and a shift towards rental living among younger demographics.