Real estate firm Related Cos. closed a $630 million construction loan from Deutsche Bank for its long-delayed $1 billion Grand project in downtown.
The New York-based real estate firm is developing the $1 billion Frank Gehry-designed complex on Grand Avenue. Century City-based AECOM was named construction manager for the project earlier this year. The Grand is a public-private partnership guided by the Los Angeles Grand Avenue Authority, which comprises the County of Los Angeles, the City of Los Angeles, and two other city agencies. The mixed-use development will include 215,000 square feet of retail space and a 20-story, 309-room Equinox hotel. A 39-story tower for 436 residential units is also planned for the development.
“I am pleased that The Grand has closed financing and we are moving to the next stage of this development,” Los Angeles County Supervisor Hilda Solis, chair of L.A. Grand Avenue Authority, said in a statement.
The project is expected to be completed in 2021.
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