JPI Secures Financing for SoCal Development
JPI Cos. has closed construction financing on its mixed-use development Jefferson Centerpointe, to be built one-fifth of a mile from the Old Town area of Placentia, Calif., a fast-growing municipality on the edge of North Orange County. The development will feature 418 luxury apartments along with more than 8,200 square feet of retail space.
“Placentia is a city on the cusp of immense growth and development. But it currently faces a limited supply of multifamily housing within the immediate micro-location, unlike its surrounding markets that have a high density of multifamily housing,” Chris Livoni, JPI’s senior vice president and Western Region development partner, told Multi-Housing News. “These combined factors, identified through submarket research, create an opportunity for Jefferson Centerpointe to be on the leading edge of an up-and-coming community.”
Jefferson Centerpointe is intended to assist in the planned revitalization of Placentia, which includes a transformation of the Old Town area into a walkable urban center spotlighting the city’s cultural and historical diversity. The new development will be steps from a new Metrolink rail station that will provide Jefferson Centerpointe residents direct access to downtown Los Angeles in less than one hour.
“Construction on Jefferson Centerpointe was originally slated to begin in early 2020, but the COVID-19 pandemic significantly slowed our progress on all fronts,” Livoni said. “However, our team worked hard to overcome these challenges, and thanks to close collaboration with the city of Placentia and our capital partners, we retained a construction loan closing within the 2020 calendar year, an enormous accomplishment for all involved.”
The five-story, wrap structure will be set on 4.6 acres and offer street-level retail space. Units will be offered in studio, one-, two- and three-bedroom floorplans. Parking will be provided in a multi-level structure adjacent to the development. Units will feature French doors, full-size washers and dryers, quartz countertops, SMART Home technology and stainless steel appliances. Amenities include bicycle storage and repair room.
Among major employers is California State University Fullerton, less than 2 miles away and one of the largest job providers in the county. The development is less than 5 miles from Anaheim’s Platinum Triangle that currently is home to sports venues Angels Stadium and Honda Center, and will eventually be an entertainment district with commercial office buildings and retail space.
Initial units will be available in September of next year, with construction slated for completion in spring 2023. Several months ago, JPI’s Revo at Platinum Park was cited as one of the five biggest developments underway in California’s Orange County.