Kingsley Project LLC Secures $24.6 Million Construction Loan For Affordable Housing Development In Koreatown

The asset involved in this transaction is a development site located at 926 South Kingsley Drive in Los Angeles. The property is designated for a 136-unit affordable housing development, aiming to provide 100% affordable living options. The construction financing arranged for this project amounts to $24,600,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $24,600,000
• Loan Type: Construction
• Landlord: Kingsley Project LLC/Keren Group
• Brokers: Jonathan Lee & Shahin Yazdi - Colliers
• Market: Los Angeles
• Loan-to-Cost: 70%

This transaction was facilitated by brokers Jonathan Lee and Shahin Yazdi from Colliers, who played a key role in arranging the construction financing. The project is part of the ED1 initiative and has secured favorable loan terms linked to WSJ Prime, despite the challenges present in a selective lending environment.