A mixed-use project in Leimert Park, South Los Angeles received a $ 29 million building loan.
Parkview Financial has provided a loan for the Greenpointe development project at 4242 Crenshaw Blvd. Upon completion, the facility will have 124 apartment units and 6,000 square feet of retail on the ground floor.
Mixed-use properties will replace commercial buildings that will be demolished. The new five-story building is expected to be completed in October 2022. It will have 60 parking spaces and storage space for bicycles.
The units will average 755 square feet. The property will have 18 studios, 43 one-bedroom apartments and 49 one-bedroom apartments at market prices. It will also have two studios, five one-bedroom apartments and seven two-bedroom low-income apartments.
“This is the third loan to Parkview for the Los Angeles region with experienced developer Greenpointe Development,” said Paul Rahimian, CEO and founder of Parkview Financial, in a statement. “This project will help meet the local demand for district housing for both individual households and families with lower rents compared to other more expensive neighboring areas.”
Parkview Financial said other nearby projects, such as the SoFi Stadium in Inglewood, are a boon to the area.
“We triangulated the value of nearby developments in high-yielding submarkets such as West Adams and Jefferson Park, as well as the Sophie Stadium area, to understand that 4242 Crenshaw will rise in value in the future,” said Marty Friedemann, senior underwriter at Parkview Financial. says the message.
“Submarket rents are currently much lower than the Los Angeles average, but that’s because there is very little development there. When new developments do appear, the demand for them is high. In many ways, it is high rents in the rest of Los Angeles that are driving demand for these often neglected submarkets, ”he added.
This is not the only construction loan announced recently.
Earlier this summer, Chicago-based Singerman Real Estate and San Diego-based Darnell Capital received $ 23 million in funding to build a project on the Palos Verdes Peninsula known as Peninsula Pointe, a retirement housing project.
And Columbia Pacific Advisors provided a $ 27 million completion loan to recapitalize the Hyatt Hotel Nue in Hollywood. The hotel, owned by S3D Partners, is located at 1525 N. Cahuenga Blvd.
As for the office, the Manhattan Beach property has been refinanced for $ 30 million. Sonnenblick-Eichner Co., a real estate investment company based in Beverly Hills, has provided a 10-year interest-free loan to Continental Development Corp. based in El Segundo.
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