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November 17, 2019
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FINANCING NEWS
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Multifamily Project in L.A.’s Koreatown Neighborhood Funded with $16 Mil Loan

8/07/19

We’ve learned of a new six-story, 65-unit apartment development planned in the Koreatown neighborhood of Los Angeles. Construction is being funded with a $15.9 mil loan provided by Parkview Financial on behalf of St Andrews Place LLC, a Los Angeles-based private developer.

Located on a .34-acre site at 719 St. Andrews Place, the project will include 51 studios and 14 one-bedroom floor plans with an average size of 451 sf. Seven units are designated as affordable units.

The property will include two levels of assigned parking – one at ground level and one subterranean, a rooftop deck, fitness center, resident lounge, bike parking spaces and extra storage. The units will feature in-unit washer/dryer, stainless steel kitchen appliances, engineered vinyl hardwood flooring and balconies in most units.

The developer plans to hold the asset long-term. Construction has now commenced with completion anticipated for May 2021.

“Parkview saw this as a compelling opportunity to provide this 24-month construction loan, which includes two extension options for another 12 months,” said Paul Rahimian, CEO with Parkview Financial. “With a continuing demand for housing and a vacancy rate in Los Angeles hovering at around 3.5%, this project will be a welcome addition to Koreatown.”

Koreatown, and the greater Wilshire/Westlake submarket is one of Los Angeles’ largest apartment markets, comprising 49,265 units. Reis Inc, a leading CRE data provider, estimates that during 2020 and 2021, developers are expected to deliver a total of 1,116 units of market-rate rental apartments to the submarket.




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