USC University Gateway Student Housing & Mixed-Use Project
University Gateway Project is an upscale mixed-use student housing development across from the University of Southern California (USC) in Los Angeles, featuring 421 student housing units and recently completed in the Fall of 2010.
In addition to the 421 student residences, this project designed by AC Martin & Togawa Smith Martin Residential, features 78,000 square feet of ground-level retail space and a nine-level parking facility for the accommodation of 770 vehicles.
Developer Urban Partners joined forces with Blackstone Real Estate Advisors on the project, at which time a ground lease was wrapped up with USC and the Shammus Group. With the assistance of commercial real estate capital intermediary Holliday Fenoglio Fowler L.P., developers Urban Partner L.L.C., Real Estate Capital Partners and Blackstone Real Estate Advisors attained funding totaling $167.5 million in the form of a construction loan and joint venture equity. Wells Fargo’s Merchant Banking Group provided the fully underwritten construction loan, while RCG Longview Equity Fund L.P. supplied the equity.
Development Industries, Inc. provided Design Management and pre-construction services including assistance with the management of entitlements (compliance with a pre-existing development agreement), contract negotiations, budgeting, scheduling, direction of the architect and consultants, value engineering, city approvals, management of the general contractor, oversight of quality control programs and coordination with operations.