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| 833 Harvard Boulevard, Koreatown Neighborhood Los Angeles, CA |
LOS ANGELES,
CA (June 11, 2015) – Commercial real estate investment banking firm George
Smith Partners has successfully arranged $30.7 million in construction
financing for three separate multifamily developments, all within the Koreatown
neighborhood of Los Angeles, according to Principal Jonathan Lee.
Lee was assisted by George Smith Partners Assistant
Vice President, Adam Candler.
“Koreatown
has proven to be one of the most active markets in terms of new product within
the City of Los Angeles,” explained Lee.
“Because of its central location to
Downtown, Hollywood and the Westside, the absence of anti-development
neighborhood groups – common in other neighborhoods, and the Metro and Metro
subway extension currently underway, Koreatown is re-establishing itself in the
market as a neighborhood where development can be done.”
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| 1101 South Harvard Boulevard, Koreatown Neighborhood Los Angeles, CA |
He
continued, “Demonstrating to lenders both the strength of the for-rent and
for-sale segments of this market, as well as the strength of each individual
sponsor, allowed us to secure financing for the three multifamily developments.
Ultimately we were able to secure impressive terms for each of our clients,
including financings that were 75, 80 and 82 percent loan-to-cost.”
The properties are located at:
833 South
Harvard Boulevard
1101 South
Harvard Boulevard
305 South
Ardmore Avenue
For a complete copy of the company’s
news release, please contact:
Corynne
Randel/ Jenn Quader
Brower,
Miller & Cole
(949)
955-7940
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