In a significant move toward addressing Los Angeles’ housing affordability crisis, Colliers Mortgage’s Structured Finance Group based in Los Angeles has successfully secured a substantial construction loan to the tune of $24.4 million. These funds are earmarked for an ambitious project set to transform Koreatown with the development of Kingsley Apartments—the project envisioned as an entirely affordable 136-unit multifamily residence. Benefitting from its strategic location near the Metro D-Line’s Wilshire/Normandie Station, the project will cater primarily to residents earning up to 80 percent of the Area Median Income (AMI), offering a vital resource to the community in the form of livable, convenient, and economically accessible homes.The concerted effort, led by Executive Managing Directors Jonathan Lee and Shahin Yazdi, reflects a robust interest in backing pro-affordable housing initiatives, especially the ED 1—an ambitious housing strategy spearheaded by Los Angeles Mayor Karen Bass. The securing of financing signals progress under this initiative, which has been active for over a year, and is gathering momentum with the interest of lenders who are gradually opening up to the initiative, albeit with some exercising caution through lower leverage or a “wait and see” approach, indicative of the program’s infancy in the municipal housing landscape.
