{"id":1004109405,"date":"2014-12-15T07:08:06","date_gmt":"2014-12-15T15:08:06","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=313240"},"modified":"2022-03-03T08:13:05","modified_gmt":"2022-03-03T16:13:05","slug":"pacific-crest-realty-acquires-koreatown-community-valencia-residential-project-in-dtla-scores-41-million-construction-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pacific-crest-realty-acquires-koreatown-community-valencia-residential-project-in-dtla-scores-41-million-construction-loan\/","title":{"rendered":"Pacific Crest Realty Acquires Koreatown Community; Valencia Residential Project in DTLA Scores $41 Million Construction Loan"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Pacific Crest Realty has compl\"\"<\/a>eted 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\u2019s first drive-through grocery back in 1929.<\/p>\n

In other local news, Continental Funding Group recently announced that it has completed a deal for a downtown Los Angeles development project. The company\u2019s 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<\/em><\/a> noted.<\/p>\n

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.<\/p>\n

Image: Chapman Market<\/p>\n

Image courtesy of\u00a0ratkovich.net<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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 as Chapman Apartments as a result of the acquisition, as a nod to Charles Chapman, a 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 is located near the iconic Chapman Market, the site of the country’s first drive-through grocery back in 1929.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[],"class_list":["post-1004109405","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest"],"acf":[],"yoast_head":"\nPacific Crest Realty Acquires Koreatown Community; Valencia Residential Project in DTLA Scores $41 Million Construction Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pacific-crest-realty-acquires-koreatown-community-valencia-residential-project-in-dtla-scores-41-million-construction-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pacific Crest Realty Acquires Koreatown Community; Valencia Residential Project in DTLA Scores $41 Million Construction Loan\" \/>\n<meta property=\"og:description\" content=\"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. 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