CGI Strategies has obtained a $47.8 million non-recourse construction financing loan for the development of a seven-story, 200-unit, concrete-and-wood apartment community in the Koreatown neighborhood of Los Angeles. Dekel Capital arranged the loan, which was provided by a national lender. In December, Fedora broke ground.
This is the third ground-up Koreatown apartment development for CGI in the past three years. Those developments together encompass 360 units.
The community will offer a blend of studio, one- and two-bedroom units. The apartments will range in size from 622 to 1,000 square feet. Ten percent of units will be reserved for low-income residents. A 6,500-square-foot lounge and clubhouse is among the more prominent common-area amenities. The property will also feature two levels of below-grade parking at 837 S. Fedora St.
Situated about four miles east of downtown Los Angeles, Koreatown is among the premier rental submarkets in Los Angeles. Renters comprise 91 percent of its residents.
The apartment community will be located six blocks from the Wilshire-Normandie Metro station. That location allows residents to easily access prominent Los Angeles job hubs, recreational opportunities and entertainment settings in the area.
Construction is anticipated to be complete in the summer of 2022.