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4/03/25
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Grubb Properties has obtained a $21 mil land and predevelopment loan for the recapitalization of a 2.1-acre site in the heart of the Los Angeles’ Koreatown neighborhood. The land is fully entitled for development of Link Apartments® Kora, a planned, 241-unit mixed-use multifamily project.
Located at 1000 S. Vermont St, the seven-story Link Apartments® Kora will encompass a full city block featuring best-in-class amenities and 50.6k sf of ground-floor retail. Grubb Properties purchased the parcel in February 2022 and has performed demolition and preparation on the site, which is now shovel-ready. Vertical construction is anticipated to commence in September 2025 with completion slated for July 2028.
The Link Apartments® Kora unit mix will include 36 studio units (two affordable), 123 one-bedroom/one-bathroom units (six affordable), and 82 two-bedroom/two-bathroom units (four affordable). It will feature resort-style on-site amenities including a half-acre deck, pool, spa, fitness center, co-working space, two lounges, two rooftop decks, and a dog run and wash. The amenity package will provide residents with an experience not possible at comparable smaller properties.
The financing was arranged by Zachary Streit with Priority Capital Advisory. According to Streit, the lender provided additional needed runway for Grubb to complete predevelopment activities and break ground in the near term.
Koreatown is the densest neighborhood in greater Los Angeles, with 1.3 million people within a five-mile radius of the project. The dense population has created overcrowding in the submarket, leading to extremely attractive multifamily demand fundamentals, including a low vacancy rate hovering around 10%.
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