Financing secured for billion-dollar complex

Construction is set to begin on a US$1 billion mixed-use development in downtown Los Angeles, US, now that financing has been secured.

Located between First and Second streets along Grand Avenue, The Grand will include 20,000m² of retail space, a 20-storey hotel with 309 rooms, and a 39-storey residential tower with 436 residences – 20% of which will be affordable housing units.

Now that Deutsche Bank has agreed to lend the remaining $630 million, site preparations are due to begin this month.

The project is a public-private partnership (PPP) with the Los Angeles Grand Avenue Authority and it is being developed by Related Real Estate and its partner Core USA, a joint venture between China Harbour Engineering and CCCG Overseas Real Estate.

Completion is expected in 2021.