After securing financing for its first ground-up development located just a few steps away from the University of Southern California (USC) campus, Mosaic Investment Partners plans to develop the 18,800-square-foot site 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.
Slated to be Mosaic Investment Partners’ largest community, the $56 million project will become Tessera, a seven-story, 53-unit development with 260 beds. "Tessera will provide USC students with a unique blend of luxury, convenience, and community,” George Alva, co-owner of Mosaic Investment Partners, states. “We brought in an award-winning architect and a high-end design firm that specializes in luxury homes in Malibu and Pacific Palisades to help us create what we expect to be a stunning, world-class building with resort-like common area spaces, including a highly amenitized rooftop with a pool, multiple fire pits, a large outdoor dining area, and a dog park."
Tessera will offer fully furnished studio, one-, two-, three-, and four-bedroom apartments with stainless steel appliances, individual HVAC room controls, and balconies for select units. The community will also feature over 10,000 square feet of amenity space, including a second-floor amenity deck, an open-air fitness center, a computer room, billiards, and more. The rooftop will also feature quiet study areas with tables, chairs, and panoramic views of downtown Los Angeles and nearby mountains.
Carlos Delherra, co-owner of Mosaic Investment Partners, adds, "The panoramic views of the Hollywood Hills, the downtown skyline, and Expo Park will be unmatched." The project is expected to be completed by spring 2025.
Developed by Mosaic Investment Partners and built by Alpha Construction, Tessera was designed by SVA Architects, with interiors and landscape design by Sorensen Architects. JLL Capital Markets assisted with securing financing from HC2 Capital and Calmwater Capital. Project management is being led by Dawil Sully and Jaime Sanchez of Oakwood Development Group.