A new residential project has been proposed for development at 926 South Kingsley Drive in Koreatown, Los Angeles. The project proposal includes the construction of a new seven-story building offering affordable housing via the Mayor’s Executive Directive 1.
Kian Investment, LLC, an affiliate of Keren Management is the project developer.
The developer has successfully secured a $24.4-million loan for the project. The scope of work includes the construction of a new seven-story building offering 136 apartments as a mix of studios and one-bedroom floor plans. The units will be available for households earning up to 80 percent of the area’s median income level.
The loan from Century Housing was arranged by Colliers Mortgage. Construction is all set to commence in June on the affordable housing project to bring 136 units.
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