Snyder Opens Crescent Development

BEVERLY HILLS, CA-The J.H. Snyder Co. has completed its $50-million Crescent development, a mixed-use project of apartments and class A office space near Rodeo Drive in the Golden Triangle section of this city. The project includes 88 luxury apartments, 40,000 sf of office space, 534 underground parking spaces and a landscaped entry court at a site on the corner of Wilshire Boulevard and Crescent Drive.Los Angeles-based Snyder's Crescent development is the first rental apartment complex to be developed in the City of Beverly Hills for the past 25 years. It comprises 12 two-story brownstones and 76 luxury townhouse apartments.The project was designed by the architectural firm of Van Tilburg, Banvard & Soderbergh of Santa Monica. Its 534 parking spots, on three levels, include 307 designated for commercial use and 227 for residents.Jerry Snyder, senior principal with J.H. Snyder, says the development targets the demand for high-end rental units and provides office space for top-tier professional firms. The apartments, ranging from one to three units, feature fireplaces, washer and dryers, wiring for high-speed Internet access, a fitness center and other amenities.The development is oriented with the office building facing the more commercial Wilshire Boulevard, with the apartments situated along Crescent Drive across from existing neighborhoods. The office portion of the development, which occupies a triangular parcel, features glass on two sides with a solid wall along the back toward the apartments.The Snyder Co. financed the project with a $36-million construction loan and a $6.75 million mezzanine loan in lieu of equity. The financing was arranged by Sonnenblick-Eichner Co.