Mosaic Investment Partners secures full capitalization for University of Southern California student housing development

IRVINE, July 12, 2023 – JLL Capital Markets announced today that it arranged the capitalization of USC Expo, a 57-unit / 260-bed USC student housing development located less than a half-block from the campus of the University of Southern California (USC) in Los Angeles.

JLL worked on behalf of the sponsor, Mosaic Investment Partners, to secure both joint venture equity and mezzanine financing from HC2 Capital, and a senior construction facility from Calmwater Capital.

With completion expected in Spring of 2025, the seven-story USC Expo will feature fully furnished studio, one-, two-, three- and four-bedroom apartments with an average size of 923 square feet, as well as stainless steel appliances, HVAC with individual room controls, balconies and more. The property will provide approximately 10,000 square feet of amenity space, including a rooftop pool area and lounge, a second-floor amenity deck, a fitness center, a computer room, a dog park and more.

Situated near the northwest corner of Vermont Ave. and Exposition Blvd., the project features a central location that offers students direct access to campus, Expo Park, the LA Coliseum and the Vermont Exposition Metro station, all within a 5-minute walk. The community’s residents and guests will have convenient access to light-rail, bus lines, and major transportation arteries, as well as immediate access to both the I-110 Freeway (0.7 miles away) and the I-10 Freeway (1.5 miles away). The property is also 1.8 miles from the LA Convention Center and 2.2 miles from LA Live.

The JLL Capital Markets Debt Advisory Team was led by Senior Managing Director Greg Brown and Senior Director Zane Sweet.

“We are very excited to have secured the complete capital stack solution for Mosaic Investment Partners for what will undoubtedly be a transformative student housing development on USC’s westside of campus. In a highly selective and constrained capital environment, both HC2 Capital and Calmwater Capital recognized the exceptional opportunity of USC Expo, the student market expertise of Mosaic and the continued strong performance of the student housing sector – particularly at a top-tier university such as USC,” said Sweet. “USC Expo is truly representative of the combined capabilities of JLL’s platform. Our local market team worked closely with our national student housing team to deliver confidence to the capital markets and resulted in a best-in-class execution for Mosaic.”

“We continue to see investor interest for well-located and amenity-rich student housing assets across the U.S.,” said Managing Director Teddy Leatherman, who serves as a national student housing platform lead with JLL Capital Markets. “As a USC alumna, it was an honor and a privilege to see the JLL team capitalize USC Expo Development for Mosaic Partners! Fight On!”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Mosaic Investment Partners (“Mosaic”) specializes in the acquisition, development and renovation of multi-family properties and apartment buildings in the USC market. Led by George Alva and Carlos Delherra, Mosaic is a value-add investor that targets under-managed or underperforming student housing properties. In total, Mosaic owns over 20 student housing properties in the USC Market, including The Riviera Luxe and The District which both debuted in 2021. Since 2009, Mosaic has completed over 50 transactions in the student housing space.