A project in Koreatown has received a $15.2 million construction loan.
The project, which is expected to be completed in June 2022, is being developed by Sabet Group and designed by Warren Techentin Architecture.
The 36-month loan comes from East West Bank.
Meridian Capital Group’s Zev Feder and Tal Savariego arranged the financing.
The loan is for a development at 750 South Kingsley Drive. Once completed, the property will have 68 luxury residential units and a parking garage.
The building will also have a rooftop barbecue, fitness center and entertainment area.
“The sponsor is an established mid-market developer and owner/operator of multifamily assets in Los Angeles,” Savariego said in a statement. “Meridian worked with the sponsor and East West Bank to arrange a smooth execution for a competitive construction loan despite the challenging market environment.”
Multifamily projects have been in high demand in Koreatown, and development has continued.
Koreatown-based Jamison is developing a six-story building with 131 apartments at 8th Street and Harvard Boulevard. The property also has ground-level commercial space and parking.
Jamison has roughly 3,000 units under construction, with a focus on the Koreatown area.
Also on 8th Street, the $154 million The Rise Koreatown is under construction. It is being developed by Cal-Coast Development and Rescore. When The Rise is completed, the seven-
story building will have 364 units, parking and retail space.
Property owners have also been taking note of the active market.
Earlier this year, Palo Alto-based Klein Financial Corp. recapitalized the Wilshire Vermont, a 449-unit building at 3183 Wilshire Blvd., valuing the property at $135 million.
San Francisco-based Divco West Real Estate Services became a joint venture partner in the Wilshire Vermont, replacing Hearthstone Housing Foundation and CalPers.
Last year, Century City-based Cityview sold an equity stake in The Pearl on Wilshire to an entity led by Hankey Investment Co. in a deal that valued the property at roughly $171 million. The 346-unit complex is at 687 S. Hobart Blvd.
Also in 2019, Equity Residential purchased the 398-unit Next on Sixth for $189 million. It was built by Century West Partners.
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