CGI Strategies has secured a $47.8 million construction loan for the Fedora Street project, a 200 unit ground-up multifamily property located at 837 S. Fedora Street in Koreatown, as reported by The Real Deal and Multi-Housing News. The project is a mix of studio, one-, and two-bedroom units, twenty of which are affordable housing units set aside for low-income tenants. Units will range from 622 to 1,000 square feet. It will also feature a rooftop lounge, large common areas, and full gym. Fedora is CGI’s third multifamily Koreatown project, and actually is back to back with CGI’s Mariposa property, located on Mariposa Street.
Koreatown is LA’s most dense neighborhood, and is one of the city’s most popular rental submarkets as renters make up 91% of residents. Fedora will be located minutes away from the Wilshire-Normandie Metro station, providing tenants with access to all of Los Angeles.
Learn more:
https://www.multihousingnews.com/post/cgi-strategies-lands-financing-for-koreatown-development/
