Multifamily lender Pembrook Capital Management, LLC is providing a $23.7 million construction loan for the development of Gramercy Apartments, a 53-unit multifamily complex in the Koreatown submarket of Los Angeles. The community is designed to meet the demand of moderate income tenants, with six of the units designated as very low income with rents no more than 30 to 50% of the household AMI.

“The Los Angeles housing shortage has fueled rising rents and exacerbated the long-standing affordability crisis,” said Pembrook CEO Stuart Boesky. “We are pleased to support the addition of quality units to the city’s housing stock in a location with ready access to public transportation.”

Gramercy Apartments will average more 1,000 square feet in size with open floor plans, tall ceiling heights and high-end finishes. The property is situated a half mile from the Wilshire and Western Purple Line train station, which offers direct access to DTLA and Hollywood.