REBusinessOnline

George Smith Partners Arranges $22.3M in Financing for Multifamily Development in Los Angeles

3057-W-Pico-Blvd-LA-CA

The new multifamily property, located at 3057 W. Pico Blvd. in Los Angeles, will feature 51 workforce apartments and 3,350 square feet of ground-floor retail space.

LOS ANGELES — George Smith Partners has secured $22.3 million in financing for the ground-up development of a workforce multifamily property located in Los Angeles’ Koreatown district. The borrower and property developer is a joint venture between Index Real Estate Investments and Ketter Construction.

Located at 3057 W. Pico Blvd., the project will feature 51 workforce apartment units and 3,350 square feet of ground-floor retail space. Construction is underway on the development, with a slated completion in early 2020.

Jonathan Lee and Shahin Yazdi of George Smith Partners arranged the transaction. The financing includes a $17.3 million senior loan priced at LIBOR plus 375.5 basis points for the 36-month term, while the $5 million tranche was priced at a 12.25 percent annual interest rate.

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