A Perfect Match: QuickDraw Fund Control & A New Mid-rise Development in Koreatown
Beginning in February 2019, work began on a $32-million multifamily residential development at 5th Street and Oxford Avenue in L.A.’s Koreatown.
Located on a previously vacant lot, the seven-story structure boasts 89 luxury residential units above a two-level, 201-car basement parking garage.
Upon completion, this wood-and-concrete frame, mid-rise structure will feature a contemporary aesthetic with a painted plaster and glass exterior and balconies on all units. The building’s first-class amenities will include an open-air atrium, a podium-top pool deck with jacuzzi, as well as a gym and a dog run.
This is the single largest construction loan in the lender’s portfolio, who entrusted the QuickDraw Fund Control team to process, monitor, and deploy over $32MM in capital over a three-year build cycle. QuickDraw Fund Control is proud to provide inspection and fund control services for this project alongside Irvine-based developer Fred & Jamison, LLC and general contractor Inland Development.
Few areas in Los Angeles are experiencing the explosion of development that is currently underway in Koreatown, or K-Town, as the locals call it. The 500 South 5th Street project is just one of many mid-and high-rise projects that are under construction in this dynamic enclave.
Located in a walkable area, this community exudes Korean culture and is a favorite destination for foodies seeking authentic Korean cuisine. There are also numerous historic L.A. landmarks in the neighborhood that have been preserved for a new generation of Angelenos, including the Wilshire Boulevard Temple and several restaurants that served as filming locations for the televisions series “Mad Men.” A number of iconic parks are also located within a few miles of the property, including MacArthur Park Lake, La Brea Tar Pits, and Vista Hermosa Natural Park.
Access to public transit adds to the quality of life in this vibrant area, with seven transit stops within 6.9 miles. Pedestrians can reach the station at Wilshire and Western in just six minutes.
Soon, residents will be welcomed home to this beautiful new structure. As always, QuickDraw Fund Control is delighted to support projects that enhance the communities it serves. Learn more at www.quickdrawfundcontrol.com/projects.