The money was provided by Madison Realty Capital for the development at 27812 S. Western Ave.
Most of the lots at the master planned community have been sold or are under construction with home developers, according to Madison Realty Capital.
The lots were purchased in 2018, and the site was prepared with infrastructure and roads to be sold to national home builders.
Maverick Commercial Properties’ Adi Chugh advised the borrowers on the transaction.
“We are pleased to provide an attractive, flexible financing solution to an institutional sponsorship group to support the final stages of the development of much needed, high-quality, and well-priced housing for San Pedro, a historic neighborhood less than 20 miles south of downtown Los Angeles,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement.
“Madison Realty Capital has deep experience financing residential projects across the country through every stage of development, from construction through lease-up. Moreover, this transaction represents the third project we have financed for Harridge Development, a world-class real estate developer with a strong track record of execution,” he added.
Harridge Development is based in Century City and is behind many big projects in L.A.
The company is the developer for the $1 billion Crossroads Hollywood project, which will include the existing Crossroads of the World shopping plaza.
Once completed, the property will have nine new buildings, including a 308-room hotel. It will have 950 apartments, including 105 affordable units. There will also be 190,000 square feet of commercial space.
Harridge Development’s past projects include the 218-unit luxury apartment project the McCadden Apartments.
The company’s founder, chief executive and president, David Schwartzman, started his career as a residential home builder and has developed more than 3,000 homes in his career.