Principal Lends $42M On 139-Unit Project Near Culver City โ€“ Commercial Observer

 Principal Lends $42M On 139-Unit Project Near Culver City โ€“ Commercial Observer

Principal Life Insurance Company has provided $42 million for a mixed-use development with affordable housing located across the street from the massive Sony Pictures Entertainment campus in Los Angeles.

The 135,178-square-foot, seven-story development will replace a single-story auto shop at 10375 Washington Boulevard, near the edge of the Culver City border. The project, which was approved by the city of L.A. last summer, will include 139 units, 14 of which will be designated for very low income households, according to a city staff report. It also calls for 2,000 square feet of commercial space, a pool deck, a roof deck, and a gym. ย 

Records show the property belongs to an entity named Washington LP, run by Frankie Murphy, who is also the project applicant that filed plans with the city almost 16 months ago. Washington LP is tied to GR Properties USA, a subsidiary of Hong Kong-based Gou Rui Group, which is traded on the stock…

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