Mosaic secures financing for its first ground-up development near USC
Mosaic Investment Partners announced it secured the financing for its first ever ground-up development located near the University of Southern California (USC) campus. Tessera, as the building was recently branded, is located at 1069 West Exposition Blvd. in Los Angeles. The 18,800-square-foot site will be developed into a 75,000-square-foot community with joint venture equity and mezzanine financing from HC2 Capital, and a senior construction facility from Calmwater Capital. The $56 million project will be Mosaic Investment Partners' largest community and first ground-up construction.
Located between the USC campus and the George Lucas Museum of Narrative Art, Tessera will be a seven-story, 53-unit community with 260 beds. With sleek contours and modern aesthetics, the community will feature fully furnished studio, one-, two-, three- and four-bedroom apartments with stainless appliances, individual HVAC room controls and balconies with select units. The community will also o