LA Development Receives $16M Loan
- Aug 06, 2019
Parkview Financial has secured a $15.9 million construction loan for a 65-unit community in Los Angeles’ Koreatown. The company arranged the 24-month loan, which includes two 12-month extensions, on behalf of a Los Angeles-based private developer. The project is scheduled for completion in May 2021.
Located at 719 St. Andrews Place, the six-story property will rise on approximately 0.3 acres, in an area where demand for housing is robust and vacancy rates hover at about 3.5 percent, according to Paul Rahimian, Parkview Financial’s CEO. The developer plans to hold the property on a long-term basis, Rahimian explained.
The community will feature 51 studios and 14 one-bedroom apartments averaging 451 square feet, of which seven units will be affordable. In-unit amenities will include washer/dryer, stainless steel appliances, hardwood flooring and balconies in some apartments. Further features will include two levels of parking and common-area amenities such as a fitness center, rooftop deck, resident lounge, bike parking spaces and additional storage.
Various dining, shopping and entertainment venues including Wilton Place Park, Liberty Park, Starbuck, Korean American National Museum, California Market, Harold A. Henry Park and Galleria Market are nearby.