The Los Angeles Colliers Mortgage Structured Finance Group, led by Jonathan Lee and Shahin Yazdi, arranged $24,600,000 in construction financing on behalf of Kingsley Project LLC, part of the broader Keren Group, for the development of a 100% affordable multifamily property located in Koreatown, Los Angeles.
The financing for the 136-unit ED1 development represents 70% loan-to-cost and supports a significant new project aligned with the city’s commitment to addressing the housing crisis. The loan features an attractive interest rate priced at WSJ Prime+0%, with minimal deposit requirements.
“This financing comes at a time when construction lending remains highly selective,” said Lee. “Colliers sourced a lender that not only provided favorable terms—including a competitive interest rate tied to WSJ Prime with minimal deposit requirements—but also demonstrated a deep understanding of both the city’s Executive Directive 1 (ED1) and the available Transit Oriented Communities (TOC) density bonuses.”
Located west of Downtown LA and south of Hollywood, Koreatown (aka “K-town”) is one of the most diverse neighborhoods in Los Angeles. Encompassing roughly 3 square miles, the area was once the epicenter of Golden Age Hollywood, home to the Ambassador Hotel, the Cocoanut Grove and the Brown Derby. Today, Korean and Latino populations contribute to Koreatown’s rich cultural diversity. K-town is also known for having one of the largest concentration of nightclubs and 24-hour businesses and restaurants in the country. Even frequent visitors have only scratched the surface of this vibrant district. Discover things to do in Koreatown with our guides to one of LA’s most exciting neighborhoods.
Colliers Mortgage delivers access to a comprehensive platform of financing, funding, and capital solutions across all commercial property types. Invaluable insight and expert knowledge guide our clients through the mortgage and investment banking process, connecting them with the best financing option to accelerate their success.
