The developer of a proposed multifamily residential development in Koreatown has secured $15.9 million in construction financing, announced Parkview Financial.
The project, which will rise on a .34-acre site at 719 St. Andrews Place, calls for the construction of a six-story building featuring 65 studio and one-bedroom apartments. The apartments - which will average 451 square feet in size - include seven designated affordable units.
Andmore Partner is designing the podium-type building, which will include amenities such as a rooftop deck, a fitness center, and a resident lounge.
St. Andrews Place, LLC - the developing entity managed by George and Michael Nazzal - expects to complete construction of the apartment complex in May 2021. The owners intend to hold the property long-term.
The property was previously developed with two single-family residences.
One block east at 7th Street and Manhattan Place, Jamison Services, Inc. is wrapping up the construction of a larger multifamily residential building.