Azusa, CA (March 15, 2022) – Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners, L.P., closed a $47 million non-recourse construction loan with Serrano Development Group for the development of Lumia Apartments located in Azusa, California. Situated on a 1.2-acre site adjacent to the Metro Gold Line station in downtown Azusa, the five-story, Class A, mixed-use project is fully entitled for 127 market-rate multifamily units above 9,500 square feet of ground-floor retail and two levels of subterranean structured parking. A recent groundbreaking ceremony attended by many city and state representatives commemorated the sponsor’s receipt of all city approvals after spending the past two years entitling the site for the proposed use.
This financing is the third construction loan that Buchanan has provided to the sponsor, furthering Buchanan’s involvement in supporting the development of new multifamily housing in supply-constrained Southern California cities.
“At Buchanan we focus on building relationships with our clients, and we’re proud to close our third financing with Serrano Development Group, particularly on a significant project like Lumia, which is an integral component in Azusa’s ongoing expansion and will provide much needed housing for the local community,” said Scott Magoffin, Buchanan’s Head of Debt Originations. “Our involvement in the development of a new multifamily community in Southern California pairs our construction lending expertise and Serrano’s development capabilities in this highly competitive and supply-constrained market.”
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on investments in commercial, multifamily, and self-storage properties as well as providing loans as a direct lender. Having invested in over $7 billion of real estate assets in its 22-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com