Commercial real estate services firm Avison Young has arranged a $29-million loan to refinance the construction of a condominium development now under construction in Koreatown.
The “Golden Galaxy Plaza Condominiums,” located at 2925-2951 W. Leeward Avenue, consists of a five-story building that will offer studio, one-, two-, and three-bedroom dwellings, with an average size of 1,160 square feet. Plans also call for amenities such as a pool, interior courtyards, a gym, and a 188-car subterranean parking garage. Completion is expected in Spring 2019.
Avison Young principals Jay Maddox and Peter Sherman arranged the loan, which was provided by Los Angeles-based lender Parkview Financial.
Maddox commented, “Mega Home LLC, our client and the project’s developer, was paying a very high interest rate and needed additional funds to complete construction and sell out the project. Refinancing a project midway through construction is unusual, and presents unique challenges. Very few lenders are willing to consider such a transaction. Fortunately, we were able to help our client procure new construction financing under attractive terms that provided needed funds and time to complete the project, together with significant cash going back to the developer for cost reimbursement.”
The project site abuts a property at 2972 W. 7th Street, where the American affiliate of a Chinese developer recently filed plans to construct a 228-unit apartment complex with ground-floor retail space.
Source: Urbanize LA