$3,210,000 Ground-Up Condo Construction to 75% of Cost

Transaction Description: Jonathan Lee arranged the ground-up construction financing for a 12 unit condominium project in the Koreatown (Harvard Heights) area of Los Angeles, California. The project will be a five-story structure, composed of one and two-bedroom units that will feature underground parking, premium fixtures, and open floor plans that range from 640 to 985 square feet. Located in a very walkable and transit-oriented area, this asset is well positioned to draw professional-level residents that want to live close to entertainment and employment centers. Sized to 75% of cost, the 18 month loan (with two six-month extension options) is priced at an all-in rate of 3.15%.