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RELATED COMPANIES AND DEUTSCHE BANK CLOSE ON $630 MILLION OF CONSTRUCTION FINANCING ON THE GRAND

Date:Nov 7,2018

MARQUEE DOWNTOWN LOS ANGELES MIXED-USE DEVELOPMENT PREPARES TO BREAK GROUND 

Frank Gehry-Designed Development Located at the Heart of Downtown LA’s Resurgence and CulturalRenaissance

 

LOS ANGELES, CA – November 5, 2018 – Related Companies today announced the closing of $630 million of construction financing from Deutsche Bank on The Grand, the Frank Gehry-designed, mixed-use development in Downtown Los Angeles on Grand Avenue across from The Broad museum and Walt Disney Concert Hall. The Grand, an approximately $1B development, is being developed by Related Companies and its partner CORE USA, a joint venture of China Harbour Engineering Company and CCCG Overseas Real Estate (CORE). Site preparation work will begin this month and a formal groundbreaking will occur in upcoming months. Deutsche Bank served as the Lead Arranger and Administrative Agent.

The Grand is a visionary public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint powers authority compromised of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles (CRA/LA), and will continue the resurgence of Downtown Los Angeles’ cultural and civic core, and become an architectural and culturaltouchstone.

The Grand will include a dynamic mix of retail, hotel, dining, entertainment and residential opportunities anchored by a central public plaza. The 215,000 square feet of retail space will include destination restaurants and vibrant shopping spread among a series of landscaped open terraces along with a movie theater complex and a 20-story, 309-room Equinox Hotel®. The residential component will contain over 436 residences in a 39-story tower and 20% of residential units will be affordable. The Grand will generate broad community benefits, including an estimated 10,000 new jobs.

“Today is an exciting day not just for Related and our partners, including CORE, Deutsche Bank and the Grand Avenue Authority, but for all of Downtown Los Angeles and the region,” said Rick Vogel, Senior Vice President of Related Urban, the mixed-use division of Related. “With the close of financing, the momentum on The Grand continues, and Related, the County, City and CRA/LA’s longstanding vision for Grand Avenue will soon become a reality.”

“I am pleased that The Grand has closed financing and we are moving to the next stage of this development,” said Los Angeles County Supervisor Hilda L. Solis, who also serves as the chair of the Los Angeles Grand Avenue Authority. “This project will create permanent jobs and build much-needed affordable housing in my district. With Frank Gehry’s visionary design supporting a variety of community-supporting mixed-use development, I am excited for the future of Grand Avenue and the larger neighborhood.”

“The completion of financing is great news for The Grand, Downtown Los Angeles and the millions of Angelenos and visitors who will benefit from this multi-faceted development in the coming years,” said LA City Councilmember José Huizar. “I want to congratulate Related, its partners, architect Frank Gehry and all our collaborators for their resiliency and belief in creating a project that benefits all Angelenos and is redefining what we can accomplish with a public/private partnership when we work together.” 

Upon completion in late 2021, The Grand is expected to generate $2.2 million annually in county tax revenue and will attract thousands of visitors from across the nation and around the world, along with downtown residents and visitors from other communities throughout the region.

“We are excited that this important milestone has been achieved,” explains Ken Himmel, CEO of Related Urban. “We look forward to celebrating with all of Los Angeles, as we commence construction on this dynamic, transformational project that promises to remake and enliven the Grand Avenue artistic and cultural center of Downtown.”

The close of financing is the latest milestone achieved by Related in the Grand Avenue redevelopment which included funding and completion of the widely-heralded 12-acre Grand Park, (completed 2012); the opening of The Emerson residential tower (completed 2014); and The Broad contemporary art museum (completed by The Broad Collection 2015). 

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