LOS ANGELES-Meridian Capital Group LLC, a national commercial real estate and advisory firm, has negotiated $8 million in cash-out financings for two properties in the rapidly-gentrifying Koreatown area here.
The properties, located on Ingraham Avenue and Mariposa Avenue, are 1920's-era, master-metered brick multifamily buildings containing mostly studio apartments. The 10-year financing package was executed at a 75% loan-to-value and has a rate in the low 4% range.
Koreatown, as the name implies, is one of L.A.'s numerous ethnic enclaves. Many Korean-language businesses and billboards dot the streets. The neighborhood is extremely walkable, with many coffee shops, restaurants, karaoke bars, retail shops and nightclubs. The area is known informally as “K-Town.”
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