LOS ANGELES, CA – Priority Capital Advisory (PCA) announces today it has arranged a $22.8 million cash-out bridge loan for a newly developed 63-unit residential condominium project located at 904 to 906 S. New Hampshire Avenue in the Koreatown neighborhood of Los Angeles.
Financed by Tryperion Holdings and developed by EGC Real Estate Group, Mosaika was completed this year and is currently in the process of selling the individual units to buyers. Situated on .34 acres, the eight-story building with one level of subterranean parking features one- and two-bedroom units with best-in-class finishes. There are 10 affordable units.
“Sourcing bridge financing for unsold condo inventory in today’s high-interest-rate environment is no easy task,” said Zachary Streit, Founder and President of Priority Capital Advisory. “Getting this deal done required close attention to structure and terms — including how and when units could be sold, how profits would be shared, and what cash reserves were needed. It took relentless hustle, persistence, creativity, and a lender who knew the local market. Ultimately, the strength of the project and its sponsorship made the difference.”
“We specialize in rolling up our sleeves to figure out creative solutions to difficult problems,” said Jeff Karsh, Founder and Managing Partner of Tryperion Holdings. “In this case, we were fortunate to work alongside Ron Gonen at EGC with a helping hand from Zack Streit and the Priority Capital team to deliver a structure that worked for all parties. EGC has built premium product in a premier Koreatown location, and we are excited to help facilitate its successful sellout.”
This is the second loan PCA has arranged in Koreatown this year. In March, the firm provided a $21 million land and predevelopment loan for the recapitalization of a 2.1-acre site on behalf of the ownership, Grubb Properties located at 1000 S. Vermont Street. The fully entitled development is the site of Link Apartments® Kora, a planned, 241-unit mixed-use multifamily project. Once completed, the seven-story project will encompass a full city block featuring best-in-class amenities and 50,630-square-feet of ground-floor retail.
Priority Capital Advisory was launched just under one year ago and since that time the firm has closed in excess of $325 million in total financings across 15 deals.
“Despite significant macroeconomic headwinds — including volatile interest rates, elevated election risk, and persistent global trade uncertainty — our team has continued to deliver for our clients and partners,” added Streit. “We are pleased to have an entrepreneurial culture with a diverse borrower set and deep debt and equity sources that trust us to deliver on their timelines and individualized requirements.”
