The financing will provide for acquisition and horizontal development of much needed for-sale housing supply within in-fill LA, in close proximity to the Hollywood Park stadium development, which is the largest mixed use infill project underway in the Los Angeles metro area.
LOS ANGELES – 17 May 2017 – Dekel Capital, a Los Angeles-based real estate merchant bank that specializes in sourcing and placing equity and debt for active middle market commercial real estate developers and investors, has secured $ 31.2 million of land financing for Harridge Development to acquire and start development on a fully-entitled townhome community in Inglewood, CA.
The site consists of 18 acres that had formerly been developed into a hospital and medical campus (now offline). The seller had originally secured approvals to develop 310 units on the site, Harridge is adjusting the existing residential plans for 228 detached condominiums as the newly rebranded “Grace Park”, which will be a gated community. The expected completion date coincides with the expected opening of Hollywood Park stadium in mid-2019.
Grace Park is exceptionally located in the heart of Los Angeles, just blocks away from the future football stadium that will be home to the Los Angeles Rams and the Los Angeles Chargers, along with The Forum.
Given the massive amount of development in the immediate area, coupled with the game-changing entry of not one but two NFL franchises to Inglewood, this site is perfectly situated to meet the pent up demand for infill housing, said Shlomi Ronen, managing principal and founder of Dekel Capital.
Harridge has a successful track record of residential entitlement and development in LA County. Harridge has previously acquired 17 residential and commercial projects in Los Angeles County, consisting of existing or projected entitlement for over 3,500 residential units, 1.2 million sf of commercial uses and 470 hotel keys.
About Harridge Development Group
Harridge Development Group is a real estate development company, founded in 2010, focuses on developing land for residential and commercial uses. They have extensive expertise in developing urban districts with single family, PUD, condominium, multifamily and mixed-use projects. HDG develops vacant or under-utilized sites, providing opportunities for community integration and creating places that become gathering points for the people both within and around their projects. Harridge focuses their efforts on the following Southern California markets: Hollywood, Silver Lake, Echo Park, San Fernando Valley, Glassell Park, Inglewood, West Los Angeles, Culver City, Venice, Marina Del Rey, Pacific Palisades, San Gabriel Valley, Santa Barbara, Echo Park and Koreatown. Harridge Development Group has a variety of different partners from large institutional investors to private high net worth individuals.