El Segundo-based commercial real estate debt lender Calmwater Capital has provided San Gabriel Valley-focused developer GE Property Development Inc. with a $32.3 million construction loan to complete The One, a new multifamily development in San Gabriel.

The 81-unit, four-story property will consist of a mix of studios and one- and two-bedroom units spread over 13,000 square feet of street-level retail. 

While construction is already underway, Calmwater’s financing will be used to take out the original construction lender, with a portion of the loan proceeds to be used to fund hard and soft costs needed to bring the project to full completion.

“Undertaking projects mid-construction inherently involves various uncertainties and challenges, which can be particularly complex to manage,” Larry Grantham, managing principal at Calmwater, said in a statement. “With our construction experience, we were able to structure the loan to ensure the sponsor would have the necessary funds to address any contingency and deliver the property on time.” 

Grantham led the financing efforts along with Calmwater’s vice president of Western U.S. originations Zach Novatt and senior associate DaJuan Bennett.

“The sponsor relied on our strength and relationships as a national bridge lender, along with our knowledge of the local market,” Novatt said. “We were able to quickly understand the story behind the project and structure a loan to help the borrower meet its business goals.”

In addition to Calmwater’s loan, an alternative lender provided $3.75 million in mezzanine financing for a total of $36 million.

The One is being built on a nearly 1-acre site located at 101 East Valley Blvd. at the northeast corner of Del Mar Avenue in a highly commercialized corridor.

The project was 86% complete at loan closing and is expected to open in the second quarter. Common-area amenities will include a three-level subterranean parking garage, an interior retail plaza and pedestrian promenade, a sundeck and a rooftop garden.