A development venture nabbed a $29 million construction loan for a 124-unit apartment project in South Los Angeles.
Greenpointe Development and Community Builders Group are building the complex at 4242 Crenshaw Boulevard in Leimert Park, according to the Los Angeles Business Journal. Parkview Financial provided the debt, according to the report.
The five-story project will rise on a nearly one-acre parcel, and will include 6,000 square feet of ground-floor retail space. The complex will be a mix of studios, and one- and two-bedroom units. Fourteen of the units will be set aside at below market-rate pricing. There will be 60 parking spaces and bike storage.
The developers look to complete the project by next fall.
The site is not far from the Baldwin Hills Crenshaw Plaza mall that was once to be redeveloped with residential, office, and hospitality space. Owner Capri Urban Investors was set to sell the property to CIM Group for a revised development, but CIM backed out of the deal last fall. Another proposed deal for that property also fell through.
[LABJ] — Dennis Lynch
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