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Friday, Mar 31, 2023

Koreatown Luxury Project Secures $15 Million Loan

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.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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