Mosaic Investment Partners Completes Tessera Mixed-Use Development with Financing From HC2 Capital and Calmwater Capital

Why It Matters

Tessera expands transit‑oriented housing near the Expo/Vermont Metro station, addressing LA’s affordability gap while activating street‑level commerce.

Key Takeaways

• Tessera adds 53 furnished apartments for 250 residents near Expo/Vermont
• Six extremely low‑income units increase affordable housing supply
• Ground‑floor commercial space energizes street‑level activity
• Financed by JLL Capital Markets, HC2 Capital, and Calmwater Capital

Pulse Analysis

Los Angeles continues to prioritize transit‑oriented infill development, and Tessera exemplifies that momentum. Situated steps from the Expo/Vermont Metro station and a short walk from the University of Southern California, the seven‑story tower taps into high demand for housing that offers easy access to public transit and major employment hubs. The project’s mixed‑use format—residential units above street‑level retail—aligns with city planners’ goals to create vibrant, walkable neighborhoods that reduce reliance on cars and support local economies.

The inclusion of six extremely low‑income units underscores a growing emphasis on affordable housing within premium developments. By integrating these units alongside market‑rate apartments, Mosaic Investment Partners leverages public incentives while delivering a socially responsible product. The financing structure—JLL Capital Markets arranging capital through HC2, with Calmwater providing a senior construction loan—highlights how private‑equity partners and specialty lenders are collaborating to fund complex, high‑density projects in competitive markets. Such partnerships mitigate risk and enable developers to meet stringent affordability requirements without sacrificing project viability.

Tessera’s completion signals a broader trend of private developers filling the housing gap left by limited public construction. As Los Angeles pushes for more housing near transit corridors, similar mixed‑use, affordable‑inclined projects are likely to proliferate, especially in neighborhoods adjacent to major universities and employment centers. Investors will watch how these developments perform in terms of occupancy and retail foot traffic, informing future financing models and policy incentives aimed at scaling the city’s housing supply while preserving neighborhood character.

Deal Summary

Mosaic Investment Partners has completed the Tessera mixed-use building at 1069 W. Exposition Blvd. in Exposition Park, Los Angeles. The project was financed through a senior construction loan from Calmwater Capital and equity financing arranged by JLL Capital Markets on behalf of HC2 Capital. The development includes 53 furnished apartments and ground‑floor commercial space.