October 16, 2020
George Smith Partners secured a $14.1-million construction loan on behalf of ELK Development for an 86-micro-unit development in Hollywood’s Opportunity Zone. The first of its kind in the Los Angeles market, the property will feature thoughtfully designed micro suites, each with designated areas for living, dining and sleeping, as well a private bathroom, complemented by a full kitchen for each collection of suites.
George Smith Partners’ Shahin Yazdi, along with other members from his team sourced the debt financing.
Yazdi says, “COVID-19 impacted all facets of CRE; however, this project marks the evolution of this asset class as a needed product to fulfill the ever-increasing housing needs in Los Angeles. This project is designed to provide a Class A complete in-unit living experience with kitchens, living/workspaces, and private bathrooms.”
The project will offer tenants flexible lease terms and an all-inclusive living experience. Construction is expected to be completed in Q1 2022.
For comments, questions or concerns, please contact Dennis Kaiser