Parkview Financial announced today it has provided a $16.5 million construction loan to Los Angeles-based 5050 Pico, LLC for the development of Kentish Town, a new five-story mixed-use residential and retail project located at 5050 W. Pico Boulevard in Los Angeles (the Mid-City/West Adams/Pico Heights submarket). Construction has now commenced with completion anticipated for October 2020.
The 60,110-square-foot project will include 79 residential units and 2,121 square feet of ground floor retail space. There will also be one grade-level parking area and one subterranean parking level totaling 67 spaces. In addition to the retail amenity, other on-site tenant amenities will include two rooftop decks, a bike room with storage, and a resident lounge.
The residential units consist of a mix of studio and one-bedroom floor plans averaging 601 square feet and will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies in the majority of units. Eight of units will be below market rate units.
“This property will be one of only a few newly constructed apartment buildings in its submarket which has experienced eight years of consecutive rent growth and is currently seeing a low vacancy rate of just 2.4 percent,” said Paul Rahimian, CEO with Parkview Financial.
Rahimian added, “We are pleased to provide financing on behalf of the developer and see this as a compelling opportunity to be a very competitive alternative to comparatively more expensive apartments in the nearby neighborhoods of Miracle Mile, Mid-Wilshire and Koreatown.”
The well-located site situated on W. Pico Blvd. is near the major cross street of S. Redondo Blvd. and is walking distance to The Brownstone Bistro, Rosco’s Chicken and Waffles, The Comedy Union, and City Market, among other restaurants and shops.