Developer ETCO Homes has received $45.5 million in construction completion and inventory financing for Āto, a 77-unit condominium project in downtown Los Angeles. George Smith Partners’ Davies Group has arranged the loan on behalf of the sponsor.
The upcoming condo building will span 81,618 square feet at 118 Astronaut Ellison S. Onizuka St., in the Little Tokyo district. Floorplans include one- and two-bedroom apartments, with a maximum unit size of 1,249 square feet. The community will feature a rooftop amenity area of 8,000 square feet, as well as 2,400 square feet of ground-floor retail.
Slated for completion in early 2022, the nine-story condo building will rise at the site of a former parking lot. According to the property website, condo prices range between $500,000 and more than $1 million.
Āto’s development site is across the street from the Marukai Market that retails Japanese clothing, cosmetic and food brands. The Japanese American National Museum, the James Irvine Japanese Garden and several international cuisine restaurants are also in close proximity to the property.
Principal and Managing Director Malcolm Davies and Senior Vice President Zachary Streit led the Davies Group team that sourced the financing.
George Smith Partners has helped commercial real estate developers and owners secure more than $58 billion in financing since its inception. The firm was last years’ recipient of the MHN Excellence Award for Best Brokerage Office.