The asset involved in this transaction is a development site located at 155 West 6th Street in San Pedro. The site is designated for a multifamily residential project featuring 281 apartment units, including studios and two-bedroom units. This project will also include retail spaces, a pool, a fitness center, and coworking areas. The anticipated completion date for the development is in 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $80,800,000
• Lender: Sumitomo Mitsui Trust Bank
• Landlord: Kain Matsumoto - Haseko North America
• Landlord: Alex Valente - High Street Residential
• Loan Type: Construction
• Market: San Pedro

This transaction features a collaboration between Kain Matsumoto of Haseko North America and Alex Valente of High Street Residential, who are leading the development of this multifamily project. Sumitomo Mitsui Trust Bank is providing the construction financing, underpinning the commitment to multifamily investments in the Los Angeles area.