Del Mar Properties Secures $26 Million Construction Loan From Pacific Premier Bank For Development Site

The asset involved is a development site located at 7545 Garvey Avenue in Rosemead, featuring a buildable square footage of 114,646. The construction loan granted amounts to $26,000,000 and is designated for a 7-story, 75-unit multifamily development over ground-floor retail, marking it as one of the largest new projects along the Garvey Avenue corridor. The development is designed by Scales Lab Architects.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $26,000,000
• Lender: Pacific Premier Bank
• Landlord: Del Mar Properties
• Broker: Kevin Wong - Quantum Capital Partners
• Loan Type: Construction
• Loan Terms: 2 Years

The deal involves key representatives including Kevin Wong from Quantum Capital Partners, representing the negotiations for Del Mar Properties. This transaction marks a significant step in the continued development of the Rosemead area, aligning with the broader push for new multifamily housing options in the region.