Fortress Originates $96M Loan for 296-Unit DTLA Apartment Complex

Fortress Investment Group has originated a $96 million loan for the Jasper, a 296-unit apartment complex in Downtown Los Angeles developed by Cityview.

Property Details

The Jasper opened in 2023 and is located in DTLA's South Park neighborhood, one of the city's most active multifamily development corridors. The property offers a mix of studio, one-, and two-bedroom units with modern finishes and a full amenity package.

The refinancing with Fortress replaces the property's existing debt and provides Cityview with improved terms as the asset stabilizes.

DTLA Multifamily Landscape

Downtown Los Angeles has absorbed a significant wave of multifamily deliveries over the past three years, with thousands of new apartments entering the market across the South Park, Arts District, and Financial District submarkets. Landlords have deployed aggressive concession packages — often one to two months free — to drive lease-up velocity.

Despite the competitive environment, renter demand has remained strong, supported by DTLA's growing entertainment, dining, and cultural offerings and its position as a transit hub. Properties that have reached stabilization are now refinancing into permanent or longer-term debt, as lenders grow more comfortable with DTLA's multifamily fundamentals.

Cityview's Portfolio

Cityview, a Los Angeles-based real estate investment firm, has been one of the more active multifamily developers and operators in Southern California. The firm recently completed the 265-unit Apollo in Gardena with partner Stockbridge Capital Group, an eight-story property at 12888 Crenshaw Boulevard offering studios to two-bedroom apartments with smart home technology.

The Jasper refinancing and the Apollo completion signal Cityview's continued commitment to the LA multifamily market as the firm cycles from development into stabilization and capital optimization.