Reis in the News
By DG Communications
Source: Multifamily Biz – Parkview Financial Provides $15.91 Million Construction Loan in Los Angeles’ Koreatown
Parkview Financial announced today it has provided a $15.91 million construction loan to St Andrews Place, LLC, a Los Angeles-based private developer, for the development of a six-story, 65-unit apartment property in the Koreatown neighborhood of Los Angeles. Construction has now commenced with completion anticipated for May 2021.
Located on a .34-acre site at 719 St. Andrews Place, the property includes 51 studios and 14 one-bedroom floor plans with an average size of 451 square feet. Seven units are designated as affordable units. The property will include two levels of assigned parking – one at ground level and one subterranean, a rooftop deck, fitness center, resident lounge, bike parking spaces and extra storage. The units will feature in-unit washer/dryer, stainless steel kitchen appliances, engineered vinyl hardwood flooring and balconies in most units.
Koreatown, and the greater Wilshire/Westlake submarket is one of Los Angeles’ largest apartment markets, comprising 49,265 units. Reis, Inc., a leading CRE data provider, estimates that during 2020 and 2021, developers are expected to deliver a total of 1,116 units of market-rate rental apartments to the submarket.