CGI scores $48M in construction financing for Koreatown multifamily project

Dekel Capital arranged the financing for the 200-unit development

Mar.March 19, 2020 03:00 PM
CGI’s Gidi Cohen and the Fedora Street project
CGI’s Gidi Cohen and the Fedora Street project

CGI Strategies has secured a $47.8 million construction loan to build a 200-unit project in Koreatown.

Dekel Capital arranged the financing with a national lender. Dekel has worked with CGI in the past — last year it arranged financing for CGI’s $20.2 million purchase of a Los Feliz apartment complex.

CGI’s Koreatown project is set to rise at 837 S. Fedora Street, which backs another property that CGI is developing on Mariposa Street.

The Fedora Street project has a mix of studio, one-, and two-bedroom units up to 1,000 square feet. Twenty of the units are set aside for low-income renters. Amenities include a rooftop lounge, gym, and 6,500-square-feet of other common space. The Mariposa Street project has similar amenities.

It’s CGI’s third ground-up multifamily project in Koreatown in the last three years. Altogether, those projects total 380 units. In November, the firm sold one recently completed project to Alhambra Place Partnership for just under $30 million.

Koreatown is L.A.’s most dense neighborhood and has been popular with developers in recent years. Some properties in the neighborhood qualify for the federal Opportunity Zones program and most of the neighborhood is eligible for Transit-Oriented Communities development.

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