Lionheart Arranges Senior Loan for Commerce Mixed-Use Project
Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, closed on a $50-million senior loan for Modelo, a 13.8-acre master-planned mixed-use site located in City of Commerce in Los Angeles County. The project is sponsored by locally based Comstock Realty Partners.
The financing, provided by Schroders Capital, will be used to complete environmental remediation across the full site, fund horizontal infrastructure work on a 3.0-acre parcel entitled for 60 townhomes and cover soft costs associated with the broader master plan. The Modelo site is fully entitled for a mixed-use community comprising 740 multifamily units, 45 condominium units, 65 townhomes and 179,501 square feet of retail space.
“This transaction reflects Lionheart’s role as a trusted structuring and execution partner for institutional capital,” said Andy Klein, managing director and co-head of investments at Lionheart Strategic Management. “By working closely with Schroders Capital and the sponsor, we were able to arrange a financing solution tailored to the site’s remediation needs, phased development profile, and multiple use types, all within a highly constrained coastal market.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout