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Priority Capital Arranges Predevelopment Loan for Koreatown Apartments
Priority Capital Advisory (PCA) arranged a $21-million land and predevelopment loan for the recapitalization of a 2.1-acre site on behalf of the ownership, Grubb Properties. Located at 1000 S. Vermont Street in Los Angeles’ Koreatown neighborhood, the fully entitled development is the site of Link Apartments Kora, a planned, 241-unit mixed-use multifamily project. The seven-story project will encompass a full city block featuring 50,630 square feet of ground-floor retail.
Grubb Properties purchased the parcel in February 2022 and has performed demolition and preparation on the site, which is now shovel ready. Vertical construction is anticipated to commence in September, with completion slated for July 2028.
“Financing land in today’s market is challenging and our extensive process emphasized the strength of the project and the borrower,” said Zachary Streit, president of PCA. “Ultimately, we sourced a lender who provided additional needed runway for Grubb to complete predevelopment activities and break ground in the near term.”
- ◦Development
- ◦Financing
