POMONA, CA-Realm Group LLC, a Newport Beach-based joint venture between Realm Real Estate LLC and the Bascom Group LLC, has obtained debt financing and begun construction on Monterey Station, a 349-unit transit-oriented apartment development on 6.5 acres in Downtown Pomona. The firm has acquired a $39.5-million senior construction loan from Bank of the West and US Bank and an $8.5-million mezzanine loan from Parse Capital.

Gary Mozer and Katie Rodd of George Smith Partners worked exclusively on behalf of Realm Group to secure the $48-million loans. Proceeds were used to refinance the existing land-acquisition loan provided by Karlin Real Estate and allow for construction of the property. KTGY Architecture + Planning is the architect, and Wermers Construction is the general contractor for the project, while Riverside Residential will be the property manager.

The urban-infill redevelopment site is located adjacent to the community's Metrolink Station, connecting residents to L.A. Union Station and the Inland Empire. The LEED-Silver community will offer studio-, one- and two-bedroom units, ground-floor live-work apartments and select lofts. The project will also feature 9-ft. ceilings, in-unit washers and dryers, stainless-steel appliances, wood-plank vinyl flooring and wireless connectivity.

Common-area amenities encompass a resort-style pool and cabanas state-of-the-art fitness facility, multi-purpose room, meditative courtyard and indoor bike storage. The location at the corner of Monterey and Garey aves. provides convenient access to the 10, 60, 71 and 57 freeways.

According to Darrin Olson, principal of Realm Group, “Monterey Station will be the first sizable at-market rental development that is walkable in Pomona in 20 years and will appeal to urban professionals and students in the submarket who desire a downtown living experience.”

Todd Caldwell, development manager at Realm Group, adds that the City of Pomona “has been instrumental in ensuring a successful launch of this project and the overall redevelopment of Downtown. We are excited about the construction commencement and plan to have apartments available for lease as early as the summer of 2014.”

As GlobeSt.com reported in January 2012, Realm Group had acquired, through its affiliated company Realm 200 Pine Holdings LLC the 200 Pine Ave. office and retail building located in the heart of downtown Long Beach. Realm acquired the property for $9.58 million or $143 per foot.