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10/19/20
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ELK Development has secured $14.1 mil in construction financing for an 86-micro-unit development located in the Hollywood opportunity zone census tract. Construction of the project, located at 502 S. Harvard, north of Wilshire Blvd and east of Western Ave, is expected to be completed in Q1 of 2022.
The first of its kind in the Los Angeles market, the project will feature thoughtfully-designed micro suites — each with designated areas for living, dining and sleeping, as well a private bathroom — complemented by a full kitchen within each collection of suites. The project will offer tenants flexible lease terms and an all-inclusive living experience.
A George Smith Partners team led by Shahin Yazdi arranged the financing. The construction loan is fixed at 4.75%, sized to 65% of total project cost for the 24-month term. The mini-perm loan is fixed at 4.5% and has a five-year term.
“COVID-19 impacted all facets of CRE; however, this project marks the evolution of this asset class as a needed product to fulfill the ever-increasing housing needs in Los Angeles. This project is designed to provide a Class A complete in-unit living experience with kitchens, living/workspaces, and private bathrooms.” said Yazdi.
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