A multifamily project underway near Koreatown has received a $16.6 million construction loan.

Janone Development is behind the six-story, 39-unit apartment project at 1100-1110 S. Hobart Blvd. in Harvard Heights, near Koreatown.

Parkview Financial provided the financing.

“Parkview saw this as a compelling opportunity to provide financing for a rental community within walking distance to Koreatown,” company founder and Chief Executive Paul Rahimian said in a statement.

Fully entitled and already under construction, the mostly market-rate apartment building will occupy a 0.43-acre parcel and feature a courtyard and 80 parking spaces.

Once complete, it will hold one one-bedroom unit, 19 two-bedroom units and 19 three-bedroom units. Five of the units will be low-income housing.

Construction is expected to be complete in August.

Koreatown and surrounding neighborhoods have seen a boom of multifamily projects either under construction or in the planning stages.

“This diverse area continues to experience strong gentrification and demand for urban, multistory 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,” Rahimian said. “We see this submarket performing well over the long term.”

The area, experts say, benefits from its location near downtown and Hollywood, as well as its Metro stops.

Projects near bus and train stations can receive such benefits as density bonuses, decreased parking requirements and other incentives when they incorporate affordable housing.

Some of the projects in the Koreatown area are conversions of old buildings, and others are replacing surface parking lots.

Koreatown-based Jamison had 3,000 multi-family units under construction at the start of the year. Some have since opened.

Non-Jamison projects in the area include the 3-acre Vermont Corridor project, which will feature a 21-story office tower and a six-story building with 72 low-income units.
There’s also JL Real Estate Development’s 33-story project at 631 S. Vermont Ave., which is scheduled to be complete in 2023.

The occupancy rate in Koreatown stands at 95%, according to Rahimian.

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