24 Apr The Estates at Ponte Vista receives funding for construction, LA
The Estates at Ponte Vista will be moving forward with construction after Harridge Development, Silverpeak Real Estate Partners, and an affiliate of Cerberus Capital Management, a joint venture, received a US$110 million loan from Madison Realty Capital. The new LA master-planned gated community in San Pedro, California will be an upscale development, located on the Palos Verdes Peninsula at 27812 South Western Avenue, spans 60 acres, and includes 676 single-family homes lots. This particular townhouse development would be divided into three, similarly-sized lots. The Project would have dwelling units connected through attached 13-foot tall walls along the front façade of the townhome buildings, which the developers refer to as ‘breezeways.’ Each home’s attached breezeway would provide a private entrance to the garage and complete the front façade.
The three-story townhomes would come in six different elevations, representing Mediterranean Eclectic, Early California Modern, and California Modern architectural styles. There would be three available floorplans, comprising three or four bedrooms and up to 1,829 square feet of living space. Each townhome would include a two-car garage, private outdoor space, and a first-floor guest bedroom or flex space. The open-concept main floor would tout an island kitchen, powder room, and access to a spacious porch. The third-floor would contain two secondary bedrooms and a luxurious principal suite with a walk-in closet and ensuite bathroom.
The site formerly housed U.S. Navy residences. The joint venture acquired it in 2018, paying US$151.6 million; then completed the development of its infrastructure and roads, in order for the lots to be sold to national home builders. The majority of the lots have now either been sold or are in contract with home developers D.R. Horton and KB Home.
“We are pleased to provide an attractive, flexible financing solution to an institutional sponsorship group to support the final stages of the development of much-needed, high-quality, and well-priced housing for San Pedro, a historic neighborhood less than 20 miles south of Downtown Los Angeles,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said.