Parkview Financial Provides $29M for Apartment Development in South LA
Add another investment to the multifamily coffers of Southern California.
Parkview Financial announced it provided a $29 million construction loan to Greenpointe Development for a planned mixed-use project with 124 apartments — 14 of which will be designated for low-income households — and 6,000 square feet of ground-floor retail space. The units will average 755 square feet in size.
The five-story development is set for less than an acre of land at 4242 Crenshaw Boulevard in the Leimert Park neighborhood of South L.A. The current retail structures on the property will be demolished. The project is expected to be completed in October 2022.
Paul Rahimian, CEO and founder of West L.A.-based Parkview Financial, said it’s his company’s third deal with Greenpointe.
“This project will help satisfy a local demand for area housing for both single-person households and families at lower rents compared to other pricier nearby areas,” he said in a statement.
Parkview launched in 2015, specializing in ground-up commercial and residential real estate financing, and has executed more than $2 billion in funding for multifamily, retail, office, industrial and mixed-use projects.
Gregory Cornfield can be reached at email@example.com.