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

Dekel Capital arranged the financing for the 200-unit development

TRD LOS ANGELES /
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.


Related Articles

arrow_forward_ios
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)

Going up: Koreatown tower project developers boost plans

Going up: Koreatown tower project developers boost plans
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Fareed Kanani and Sean Hashem, with a rendering of the project (Credit: HED via Urbanize, and Greenbridge)

Greenbridge Investment plans 169-unit tower in Koreatown

Greenbridge Investment plans 169-unit tower in Koreatown
944-952 S. Dewey Avenue (Credit: Google Maps)

Anaheim developer plans 51 units for Koreatown

Anaheim developer plans 51 units for Koreatown
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.

What do we want? Mortgage relief!: Landlords plan LA protest

What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director

Mom-and-pop resi landlords are already struggling

Mom-and-pop resi landlords are already struggling
Cypress CEO Michael Sorochinsky and 1216-1224 Menlo Avenue (Google Maps)

Cypress Equity plans 128-unit affordable complex in Pico-Union

Cypress Equity plans 128-unit affordable complex in Pico-Union
ELK Development founder Evan Kasper and the development site at 730 S. Vermont Avenue (Google Maps)

ELK Development-tied entity plans 80-unit apartment complex in Koreatown

ELK Development-tied entity plans 80-unit apartment complex in Koreatown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...