Los Angeles-based Parkview Financial has provided a $29 million loan to refinance the construction of an 80-unit condominium complex in Koreatown. The project is partially completed.
Avison Young’s Jay Maddox and Peter Sherman secured the financing for developer Mega Home LLC.
“Mega Home LLC, our client and the project’s developer, was paying a very high interest rate and needed additional funds to complete construction and sell out the project,” Maddox said in a statement. “Refinancing a project midway through construction is unusual and presents unique challenges. Very few lenders are willing to consider such a transaction. Fortunately, we were able to help our client procure new construction financing under attractive terms that provided needed funds and time to complete the project, together with significant cash going back to the developer for cost reimbursement.”
The project, Golden Galaxy Plaza Condominiums on Leeward Avenue, will be five stories and have a pool, spa, gym and interior courtyards.
“We have deep knowledge of the Koreatown submarket, and our team quickly recognized the inherent value of the real estate and viability of this project,” said Paul Rahimian, the chief financial officer of Parkview Financial, in a statement. “We are pleased to play an important role in bringing Leeward Plaza to completion.”
The project is expected to be completed in the spring.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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