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CGI Strategies Secures $47.8 Mil in Construction for Res Project in L.A.ís Koreatown

3/20/20

Los Angeles-based CGI Strategies has obtained $47.8 mil in construction money for the development of a 200-unit multifamily community in Los Angelesí Koreatown neighborhood. The non-recourse loan was arranged by Dekel Capital and provided by a national lender.

The loan will be used for the construction of a seven-story concrete and wood building, over two levels of subterranean parking at 837 S. Fedora Street. The property will feature a mix of studio, one- and two-bedroom floor plans ranging in size from 622 sf to 1k sf in size. Ten percent of the units are earmarked for low-income renters.

Project amenities include a fully equipped fitness center, 6.5k sf community lounge and clubhouse, exterior courtyard and a 5.4k sf rooftop lounge. The property is situated six blocks from the Wilshire/Normandie Metro station, providing residents with easy access to major Los Angeles employment centers, as well as recreational and entertainment venues in the area.

Koreatown is the densest neighborhood in Los Angeles and is primed for another 6% of population growth over the next five years, according to recent research from JLL. Currently, 91% of Koreatown residents are renters, making it one of Los Angelesí premier rental markets. Located four miles east of downtown Los Angeles, the submarket has a particular appeal to millennials, who are drawn to the areaís vibrant restaurant scene, relative affordability, walkability and proximity to the urban core.

Construction is expected to be completed by summer 2022. Fedora is CGIís third ground-up multifamily development totaling 380 units in the Koreatown neighborhood in the past 36 months




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