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PCA Lines Up Recapitalization on New-Build Koreatown Multifamily
Priority Capital Advisory (PCA), a boutique debt and equity capital advisor, arranged $21.6 million in financing on behalf of EGC Real Estate Group to recapitalize Kanvas, its recently completed 67-unit apartment building at 905 S. Vermont Ave. in Los Angeles’ Koreatown submarket. Financing was provided by BOLOUR. PCA president Zachary Streit arranged the financing.
“As Kanvas was nearing construction completion, our client was looking for an interim, shorter-term, financing solution that provided a path to stabilization,” said Streit. “With the property experiencing strong leasing activity, this transaction is expected to carry them through stabilization and beyond, when favorable long-term financing can be secured.”
Added VP Hiren Naik at BOLOUR, “Kanvas is a model for the type of multifamily projects that remain attractive lending targets to us even amidst capital market volatility. An experienced developer, high quality design and architecture, strong primary location and a thoughtful business plan all made this loan work at proceeds conventional lenders could not reach.”
- ◦Financing
