Parkview Financial Provides $ 16.6 Million Construction Loan for Los Angeles Apartment Community Development
LOS ANGELES, CA – Parkview Financial today announced that it has provided a $ 16.6 million construction loan to Los Angeles-based Janone Development for the development of a six-story, 39-unit apartment project at 1100 – 1110 S. Hobart Boulevard in Los Angeles. Located just one block south of the Koreatown neighborhood, the fully licensed infill site has started construction with completion scheduled for August 2022.
Situated on a 0.43 acre parcel of land, the 39 unit property will consist of one bedroom unit, 19 two bedroom units and 19 three bedroom units. With overall floor plans averaging 1,194 square feet, all residences will include balconies and a full set of appliances, including a built-in washer / dryer. Five units are planned for low income rental. The property will also include a courtyard and two levels of parking (one level is underground) with 80 spaces and a bicycle rack with 39 spaces.
“Parkview saw this as a compelling opportunity to provide financing for a rental community within walking distance of Koreatown,” said Paul Rahimian, Founder and CEO of Parkview Financial. “This diverse area continues to experience strong gentrification and a strong demand for multi-story urban rental products. It also offers a host of resident-friendly amenities including shops, restaurants, and nightclubs, and is convenient for a number of area employment centers. We see this submarket performing well over the long term. ”
Rahimian noted that Los Angeles continues to experience severe housing shortages and high absorption numbers. The project submarket continued to show stable occupancy rates of around 95% despite the significant supply of new housing added over the past decade.
Koreatown is five miles or 15 minutes by car from downtown Los Angeles and Hollywood, less than 6 miles and 30 minutes by car from Beverly Hills and the Westside.
About Parkview Financial: Parkview Financial is a direct private lender specializing in commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge loans and construction loans backed by high-quality trust deeds to developers across the United States. Since the Fund’s launch in 2015, Parkview has successfully executed over $ 1.5 billion in financing for more than 120 multi-family, commercial, office, industrial and mixed-use projects. The loan amount executed varies between $ 5 million and $ 100 million.
With headquarters in Los Angeles and offices in Seattle and Denver, our company has grown exponentially since its inception in 2009 by Paul Rahimian, its CEO. Parkview has earned an unprecedented reputation in the commercial real estate industry as one of the most respected private construction lenders in the country. This has been accomplished through our proven ability to provide fast and creative financing solutions to borrowers who need more leverage and certainty of execution. With an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most difficult projects.