Pacific Crest Realty Acquires Koreatown Community; Valencia Residential Project in DTLA Scores $41 Million Construction Loan
- Dec 15, 2014
By Alex Girda, Associate Editor
Pacific Crest Realty has completed the purchase of Alexandria Apartments in Koreatown for a fee of $6 million, in a deal brokered by Kaufman Commercial for both the buyer and the seller. Located at 435 South Alexandria Avenue, the community will be renamed Chapman Apartments in a nod to Charles Chapman, the developer and philanthropist who built a residence on the site in 1915. The 1927-built apartment building offers 30 one-bedroom apartments and 19 studio units. It’s located near the iconic Chapman Market, the site of the country’s first drive-through grocery back in 1929.
In other local news, Continental Funding Group recently announced that it has completed a deal for a downtown Los Angeles development project. The company’s president, Mitch Paskover, arranged a $41 million construction loan for the development of the Valencia. The deal for the class A apartment project was sourced by Continental through a multifamily construction debt bank. The interest-only loan is LIBOR-based, with a loan-to-cost ratio of 70 percent, and a term of three years with two one-year options. The developer is an active investor focusing on Los Angeles-area markets whose portfolio currently consists of both commercial and residential properties, rentv.com noted.
The project for the Valencia community in Central City West calls for a total of 218 residential units to be built over five floors on a 1.5-acre site on Wilshire Boulevard and Valencia Street. The asset will be located in the immediate proximity of Good Samaritan Hospital. Units are set to offer 9-ft. ceilings, balconies and in-unit washer/dryer, while the resident amenity package includes resort-style landscaping, pool, spa, barbecue areas, health center, 5,000 square feet of outdoor space and a club lounge. Valencia will encourage bike riding with 244 bicycle spaces provided to residents as part of the overall design of the property.
Image: Chapman Market
Image courtesy of ratkovich.net