Multifamily fundamentals in Downtown Los Angeles have held steady despite the city’s office turmoil, and an L.A.-based developer is the latest firm to secure refinancing debt tied to an apartment complex among the skyscrapers.

Developer and landlord CityView landed the $96 million loan for Jasper, a 296-unit, Class A multifamily property at 2528 South Grand Avenue. Funds managed by affiliates of Fortress Investment Group originated and arranged the debt, according to the lender. 

Built in 2023, Jasper is a seven-story community about one mile northeast of the University of Southern California campus. The loan provided by Fortress will support the ongoing leasing effort at the property, as well as refinance about $80 million in construction debt provided by Acore Capital the same year that Jasper’s (then called Adams & Grand) ribbon was cut. 

“Jasper represents the type of asset we are focused on supporting: high-quality, newly built multifamily housing backed by an experienced sponsor with significant equity invested in the project,” Noah Shore, Fortress’ global co-head of real estate credit, said in a statement. 

While office vacancy in Downtown L.A. is a persistent problem in the wake of the pandemic (though it has shown signs of recovery), multifamily occupancy there has managed to remain healthy due to the area’s attractions and young demographics. Multifamily occupancy reached nearly 91 percent in mid-2025, according to a Lee & Associates report at the time, actually surpassing pre-pandemic levels. 

Cityview isn’t the only property owner to land a financing package in downtown lately, either. In January, Jamison, which in recent years has positioned itself as L.A.’s adaptive reuse leader, landed a $195 million construction loan tied to 1055 West Seventh Street. Jamison is set to convert the 33-story former office tower into 686 residential units, the largest adaptive reuse project in L.A. history. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.