**Colliers Arranges $24.6M Construction Loan for Affordable Housing Development in Koreatown**
The Los Angeles-based Colliers Mortgage Structured Finance Group, led by Jonathan Lee and Shahin Yazdi, has successfully secured $24.6 million in construction financing for a new affordable multifamily project in Koreatown. The financing was arranged on behalf of Kingsley Project LLC, a subsidiary of the Keren Group.
The new development, located in the heart of Koreatown, will add 136 units of 100% affordable housing under the guidelines of Executive Directive 1 (ED1). With a loan-to-cost ratio of 70%, the financing provides strong support for the project, which aligns with the City of Los Angeles’ ongoing efforts to combat the affordable housing crisis.
The loan features favorable terms, including an interest rate tied directly to WSJ Prime+0% and minimal deposit requirements—attractive incentives in an environment where construction lending remains selective.
“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 Koreatown development highlights growing momentum behind ED1 projects throughout Los Angeles, aiming to expedite the delivery of critically needed affordable housing near transit corridors.
