**Colliers Arranges $24.6M Construction Loan for Affordable Housing Project in Koreatown**
Colliers Mortgage’s Structured Finance Group, led by Jonathan Lee and Shahin Yazdi, has successfully arranged $24.6 million in construction financing for a new multifamily development in Koreatown, Los Angeles. The loan was secured on behalf of Kingsley Project LLC, a part of the larger Keren Group, and supports the creation of a 100% affordable housing community.
Located in the heart of Koreatown, the project will comprise 136 units under Los Angeles’ Executive Directive 1 (ED1), a city-led initiative aimed at fast-tracking affordable housing development. The financing covers 70% of the project’s cost and features favorable terms, including an interest rate priced at WSJ Prime plus 0% and minimal deposit requirements.
“This financing comes at a time when construction lending remains highly selective,” said Jonathan Lee. “Colliers sourced a lender that not only provided favorable terms—including a competitive interest rate tied to WSJ Prime with minimal deposit requirements—but also demonstrated a deep understanding of both the city’s Executive Directive 1 (ED1) and the available Transit Oriented Communities (TOC) density bonuses.”
The project’s alignment with ED1 and TOC incentives underscores the city’s commitment to addressing the ongoing housing shortage with innovative, affordable solutions.
