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926-938 South Kingsley Drive
FINANCED

Jonathan Lee & Shahin Yazdi Of Colliers Secure $24.4M Construction Loan For Kingsley Apartments

926-938 South Kingsley Drive

MultiFamily
145,600 SF
clock iconFinanced 47 days ago
Shahin Yazdi
Jonathan Lee
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Summary

Loan
CALIFORNIA
MultiFamily
145,600 sqft

The Kingsley Apartments, located at 926-938 South Kingsley Drive in Los Angeles, is a multifamily property consisting of 136 units spread across 72,800 square feet. The property has obtained a construction loan amounting to $24,400,000 to support its development under the affordable housing initiative led by Los Angeles Mayor Karen Bass.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $24,400,000
  • Units: 136
  • Square Footage: 72,800
  • Address: 926-938 South Kingsley Drive
  • Market: Los Angeles

The construction financing for Kingsley Apartments was secured by Colliers Mortgage's Structured Finance Group in Los Angeles. The loan terms span 30 months, with optional extensions, and carry a rate of SOFR plus 2.41 percent. This financing aligns with the city's initiative to address housing challenges through the development of affordable housing units in Koreatown.

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Shahin Yazdi's profile picture
Shahin Yazdi
Colliers International-image
Principal/Managing Director

Details

Deal Summary
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FINANCED
IMAGE: Jonathan Lee & Shahin Yazdi DATE: 06/03/2024 ADDRESS: 926-938 South Kingsley Drive MARKET: Los Angeles ASSET TYPE: Multifamily ~ UNITS: 136 ~ SF: 72,800 BROKERS: Jonathan Lee & Shahin Yazdi - Colliers (@ColliersInternational) LOAN AMOUNT: $24,400,000 LOAN TYPE: Construction Loan LOAN TERMS: 30 months, plus optional extensions and carries a rate of SOFR plus 2.41 percent NOTE: Colliers Mortgage's Structured Finance Group in Los Angeles has secured $24.4 million in construction financing for Kingsley Apartments, a 136-unit affordable housing community in Koreatown. Led by Jonathan Lee and Shahin Yazdi, the financing supports the project's development under Los Angeles Mayor Karen Bass's pro-affordable housing initiative, Executive Directive 1, aiming to address housing challenges in the city.

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Address926-938 South Kingsley Drive

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