This article originally appeared in RENTV Real Estate News & Media
April 4, 2022
Serrano Development Group has secured $47 mil in non-recourse construction financing for the development of Lumia Apartments, a 127-unit, market-rate multifamily project in Azusa.
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 with 9.5k sf of ground-floor retail below the res units and two levels of subterranean structured parking.
Buchanan Mortgage Holdings LLC, an affiliate of Buchanan Street Partners L.P., provided the money. This financing is the third construction loan that Buchanan has provided to the sponsor.