Greenpointe nabs $30M construction loan for South LA apartment project

Parkview Financial provided debt on 124-unit complex in Leimert Park

Rendering of 4242 Crenshaw Boulevard (4242 Crenshaw)
Rendering of 4242 Crenshaw Boulevard (4242 Crenshaw)

UPDATED, Aug. 19, 1p.m:  Greenpointe Development nabbed a $29 million construction loan for a 124-unit apartment project in South Los Angeles.

Greenpointe is building the complex at 4242 Crenshaw Boulevard in Leimert Park, according to L.A. Biz. Parkview Financial provided the debt, according to the report. Community Builders Group had received the go-ahead from the city last fall but is not on the project anymore, the report noted.

The five-story project will rise on a nearly one-acre parcel, and will include 6,000 square feet of ground-floor retail space. The complex will be a mix of studios, and one- and two-bedroom units. Fourteen of the units will be set aside at below market-rate pricing. There will be 60 parking spaces and bike storage.

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The developer is looking to complete the project by next fall.

The site is not far from the Baldwin Hills Crenshaw Plaza mall that was once to be redeveloped with residential, office, and hospitality space. Owner Capri Urban Investors was set to sell the property to CIM Group for a revised development, but CIM backed out of the deal last fall. Another proposed deal for that property also fell through.

[LABiz] — Dennis Lynch