Updated Dec 4, 2024
Jonathan Lee & Shahin Yazdi Of Colliers Secure $24.4M Construction Loan For Kingsley Apartments
926 South Kingsley Drive & 938 South Kingsley Drive
$24,400,000
$167/SF
Building Size
72,800 SF
Asset Type
MultiFamily
Closing
Jun 3, 2024
About this deal
AI
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.
On the Map
$24,400,000
$167/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93