A Los Angeles-based developer has secured a $16.6-million construction loan for a new housing project in the Pico-Union neighborhood, Parkview Financial announced earlier this month.
The project by Janone Development - slated for a property at the southeast corner of 11th Street and Hobart Boulevard - will consist of a six-story building featuring 39 apartments above a two-level, 80-car parking garage. Plans call for a mix of one-, two-, and three-bedroom dwellings - averaging 1,194 square feet in size - with five to be set aside for lower-income renters.
“Parkview saw this as a compelling opportunity to provide financing for a rental community within walking distance of Koreatown,” said the company's founder Paul Rahimian in a news release.
Sunghoon Kim is designing the project, which is depicted in a rendering as a contemporary low-rise structure.
Construction for the apartment complex is already in progress, with completion anticipated to occur in August 2022.
The development site is located one block south of the intersection of Olympic Boulevard and Hobart, where construction is now underway for a larger mixed-use project featuring 252 apartments and ground-floor retail space.
- Pico-Union (Urbanize LA)