PCA Secures $21.6M Financing for EGC Real Estate Group’s Kanvas Apartment Building in Los Angeles’ Koreatown
Boutique debt and equity capital advisor, Priority Capital Advisory (PCA), has successfully arranged a $21.6 million financing deal for EGC Real Estate Group’s recently completed 67-unit apartment building, Kanvas, located at 905 S. Vermont Ave in the highly sought-after Koreatown submarket of Los Angeles.
The financing was provided by BOLOUR and was expertly arranged by PCA president Zachary Streit.
According to Streit, as construction on Kanvas neared completion, the client needed an interim solution that would lead to stabilization of the property. With strong leasing activity already taking place at the building, this transaction is expected to carry them through stabilization and beyond until favorable long-term financing can be secured.
BOLOUR VP Hiren Naik also commented on their involvement in this project stating that despite market volatility they were drawn to Kanvas due its attractive qualities such as experienced developers, high-quality design and architecture,and a prime location with a well-thought-out business plan – all factors which made this loan feasible when conventional lenders could not meet desired proceeds.
This article originally appeared on Connect CRE website
