Carlton Fields Represents Primestor Development in SoCal Mixed-Use Project

TAMPA, FL – Carlton Fields LLP has represented Primestor Development in connection with the development of a mixed-use project to be called “The Walk” in Norwalk, California. The firm has been involved in the development from inception, including the acquisition of the ground lease interest in the land on which the project will be located, structuring the borrower entities, and bridge financing. The Walk will include roughly 94,000 square feet of retail and restaurant space, as well as 370 market-rate residential units, and an affordable housing component of 55 units.

Most recently, Carlton Fields represented Primestor Development on its construction loans on the retail and market-rate housing project components, which total up to $140 million borrowed. The transactions’ complexities included not only a challenging lending market but also Primestor Development’s decision to use modular construction, which compelled it to replace a modular manufacturer in China with one in Mexico to mitigate tariff risks less than 30 days prior to year end. Ultimately, the parties worked collaboratively and closed after business hours on New Year’s Eve.

Founded in 1991, Primestor Development is a high-profile development company based in Southern California that specializes in developing and managing real property in urban areas. The Carlton Fields team included Los Angeles attorneys Robert P. Friedman, Alon Lagstein, and Scott D. Page, and assisted by paralegals Vicky Yan and Traci D. Smith.