UC Funds Provides $30M Construction Loan for LA Apartment Project
UC Funds has closed a $30 million ground-up construction loan for 2870 Olympic, a soon-to-be luxury apartment complex in Los Angeles, Commercial Observer has learned.
The trophy development at 2870 West Olympic Boulevard in L.A.’s Koreatown neighborhood will include 126 upscale residences, state-of-the-art amenities and ground-floor retail. It is being developed by MaxSum Development, per plans filed with the City of Los Angeles in 2019 and cited by Urbanize L.A.
“We are very excited to partner with our sponsor on their expansion in Koreatown, a vibrant submarket of revitalization and development in Los Angeles,” Dom Manago, managing director of sales for UC Funds, said in prepared remarks. “Olympic also represents UC Funds’ expertise in PACE lending and our ability to work through complex deal structures.”
According to Urbanize L.A., the half-acre site was once slated for a 120-room hotel before those plans were opposed by labor unions and scrapped. In the new apartment structure, 13 of the 126 units will be affordable.
Officials at MaxSum Development could not immediately be reached for comment.