Private Money Construction Loan for Condominium Development in Los Angeles, California

Parkview Financial, a private mortgage fund, provided a $29,000,000 1st lien position private money construction loan secured by a 80-unit condominium in Koreatown, Los Angeles, CA. The Developer already started the project and had financing in place with another lender at a very high-interest rate. They went over budget and needed additional funds to complete the project. Very few lenders would consider refinancing a ground-up construction project. However, we are experts in construction financing, and we are very familiar with Koreatown. We recognized the value of the real estate and the viability of the project. We were able to provide a new private mortgage which gave the Developer the additional funds needed, additional time to complete the project, additional time to sell off the units, and better pricing than their previous lender. The property is two blocks south of the Wilshire/Vermont MTA station. It will feature a luxury condominium with an average unit size of 1,160 square feet, with a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. All units will feature modern appliances and top-quality amenities. The five-story building includes a pool, spa, interior courtyards, gym, meeting space, and a 188-stall subterranean parking garage. This CRE private money construction loan was funded in January 2019.