**Priority Capital Advisory Secures $21M Loan for Koreatown Multifamily Development**
Priority Capital Advisory (PCA) has arranged a $21-million land and predevelopment loan to support the recapitalization of a 2.1-acre site in Los Angeles’ Koreatown neighborhood. The funding was secured on behalf of Grubb Properties, the owner of the site located at 1000 S. Vermont Street.
The parcel is fully entitled for Link Apartments Kora, a planned seven-story mixed-use multifamily development featuring 241 residential units and 50,630 square feet of ground-floor retail. Spanning an entire city block, the project aims to bring much-needed housing and commercial space to the vibrant Koreatown community.
Grubb Properties initially acquired the site in February 2022. Since then, the company has completed demolition and preparatory work, rendering the site shovel-ready. Vertical construction is scheduled to begin in September, with project completion projected for July 2028.
“Financing land in today’s market is challenging, and our extensive process emphasized the strength of the project and the borrower,” said Zachary Streit, President of PCA. “Ultimately, we sourced a lender who provided the additional runway Grubb needed to complete predevelopment activities and break ground in the near term.”
The Link Apartments Kora development is expected to contribute significantly to local housing supply while enhancing the neighborhood’s walkability with its substantial retail component.
