Multifamily developer JPI closed construction financing for Jefferson Stadium Park's Phase I, consisting of 371 luxury apartment homes and a 1.1-acre public park.
The community is located on a 17.6-acre prime real estate site located in the prestigious Platinum Triangle in Anaheim, California – directly adjacent to Angel Stadium of Anaheim.
Jefferson Stadium Park, a three-phase development, will ultimately result in the construction of 1,079 luxury apartment homes including 12 live-work units, the 1.1-acre park, and 14,600 square feet of community-oriented retail space.
"Clearly, JPI is committed to investing in the vision of Anaheim's Platinum Triangle. We currently have four projects in various stages of development within the Platinum Triangle, with a total anticipated value upon completion of over $675 million," said Todd Bowden, JPI's Western Region Senior Vice President and Managing Development Partner. "Platinum Triangle is a model for development efforts that encourage new projects and enhance quality living experiences for the community. Stadium Park only strengthens that commitment."
The Jefferson Stadium Park constructing financing is provided by East West Bancorp, a publicly owned company with assets over $34 billion. East West Bank is a premier bank focused exclusively on the United States and Greater China markets, and operates over 130 locations worldwide.
"We're proud to provide financial support for Jefferson Stadium Park," said Deborah Beveridge, Senior Vice President and Commercial Lending Officer of East West Bank. "At East West Bank, we believe that vibrant communities are the cornerstones of economic growth for the nation. This relationship exemplifies our continued commitment to support community development."
Also, participating in the lending of the project is Preferred Bank. Jim Belanic, its Senior Vice President/Group Manager, said: "Preferred Bank's Orange County Real Estate Industries Group is excited about participating with East West Bank to finance JPI's newest apartment project."
In June 2016, JPI received unanimous approval for the project from Anaheim's Mayor and City Council, and in September 2016, it was announced that JPI had partnered with Grand China Fund, a Beijing-based private equity real estate fund, in a $255 million Joint Venture to develop Phases I and II of Jefferson Stadium Park. Laurie Mathers, the U.S. based Head of Acquisitions for Grand China Fund, said at the time: "Our fund seeks to partner with leading real estate developers in gateway cities across the U.S. Jefferson Stadium Park is a model for this type of development, and represents Grand China Fund's commitment to identifying quality investments for our partners."
Gus Villalba, Managing Regional Partner of JPI's Western Division, said: "The closing of our construction financing for this project with East West Bank, coupled with the investments from our Chinese partners, solidifies that Jefferson Stadium Park will come to life as a model project for our portfolio, and for future investments in other projects by Chinese investors."
Residents of Jefferson Stadium Park will have access to Anaheim's Regional Transportation Intermodal Center (ARTIC), as well as year-round entertainment, including Major League Baseball's Los Angeles Angels of Anaheim, and the National Hockey League's Anaheim Ducks.
Additionally, the project is located one mile from the Downtown Disney Shopping District; Disneyland, and California Adventure theme parks. It is also located within ten miles of Anaheim's top five employers: Disneyland Resort, Kaiser Foundation Hospital, Hilton Anaheim, Cash Call Inc., Mortgage Division, and Anaheim Memorial Medical Center.
"Jefferson Stadium Park represents the ideals that we originally envisioned for Anaheim's Platinum Triangle," said Anaheim Mayor Tom Tait. "This area will be transformed with the dynamic new community this project will create."
JPI's Western Region Division is based in San Diego, and has developed communities throughout California totaling over 6,200 units. Additionally, the Western Division recently announced the closing of two development projects in Arizona: Jefferson Town Lake – a $57 million project, and Jefferson Chandler, also a $57 million project, both of which broke ground in 2016. The Western Division anticipates closing into financing and commencing construction on over $350 million of new multifamily developments in 2017.
JPI is a national developer, builder and investment manager of Class A multifamily assets in select U.S. markets, headquartered in Texas, with offices in California, Arizona and New York. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country.
JPI's executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low-density garden apartments, mid to high-density wrap and podium projects, student living housing projects, and mixed-use high rise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services, as well as construction, financial and administrative services.
The start of Jefferson Park Phase I represents JPI's fourteenth investment with Chinese capital in projects that total over $1.4 billion in the last three years.
Established in 2010, Grand China Fund is a real estate private equity fund manager with approximately RMB 16 billion and USD $1.5 billion of assets under management. The firm invests both within and outside of China on behalf of ultra-high net worth individuals and leading financial institutions. In the U.S., the firm has acquired/provided equity financing for the construction of approximately 6,000 residential units in eight cities.