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

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.