Parkview Financial announced 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 entitled, infill site has begun construction with completion anticipated for August 2022.
Situated on a .43-acre land parcel, the 39-unit property will include a one-bedroom unit, 19 two-bedroom units, and 19 three-bedroom units. With overall floorplans averaging 1,194 square feet, all of the residences will feature balconies and a full appliance package including in-unit washer/dryers. Five units are slated for low-income tenancy. The property will also feature a courtyard and two levels of parking (one level is subterranean) with 80 spaces and a 39-space bike rack.
“Parkview saw this as a compelling opportunity to provide financing for a rental community within walking distance to Koreatown,” said Paul Rahimian, Founder and CEO with Parkview Financial. “This diverse area continues to experience strong gentrification and demand for urban, multi-story rental product. It also provides a multitude of resident-friendly amenities including shopping, dining, and nightclubs, and is convenient to a number of area job 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 figures. The project’s submarket has continued to see stable occupancies of approximately 95 percent despite the significant new housing supply added over the past decade.
Koreatown is five miles, or a 15-minute drive to downtown Los Angeles and Hollywood and is within 10 miles and a 30-minute drive to Beverly Hills and the Westside.