Los Angeles, CA
Commercial Ground-Up Construction11/16/2020
Parkview Financial, a direct private lending firm, provided a $16,600,000 construction loan for the development of a six-story, 39-unit apartment project in Central Los Angeles. Located just one block south of the Koreatown neighborhood, the fully entitled, infill site has begun construction with completion anticipated for August 2022. Situated on a .43-acre land parcel, the 39-unit property will include a one-bedroom unit, 19 two-bedroom units, and 19 three-bedroom units. With overall floorplans averaging 1,194 square feet, all of the residences will feature balconies and a full appliance package including in-unit washer/dryers. Five units are slated for low-income tenancy. The property will also feature a courtyard and two levels of parking (one level is subterranean) with 80 spaces and a 39-space bike rack. Parkview saw this as a compelling opportunity to provide financing for a rental community within walking distance to Koreatown. This diverse area continues to experience strong gentrification and demand for urban, multi-story rental product. It also provides a multitude of resident-friendly amenities including shopping, dining, and nightclubs, and is convenient to a number of area job centers. We see this submarket performing well over the long-term. This private construction loan was funded in November 2020.