KeyBank Provides $46.4 Million for Permanent Supportive Housing in Los Angeles CA.


Share post:

KeyBank Community Development Lending and Investment (CDLI) provided $46.4 million for the construction of new permanent supportive housing in Los Angeles, CA, which has the nation’s largest homeless population. The sponsor of the project is The Prime Company, a giving focused, vertically integrated multi-family development firm that designs, builds, and manages urban properties across the nation.

KeyBank CDLI provided $19.7 million in federal and state LIHTC equity, a $21.4 construction loan and a $5.3 million permanent loan to finance the new construction of 2111 Firestone, a six-story complex of one- and two-bedroom apartments designed to serve families and individuals exiting homelessness.

Of the 85 units, 42 units will be set aside for individuals exiting homelessness and earning no more than 30% of the Area Median Income (AMI). 41 units will be restricted to households earning no more than 50% of AMI. There will be two manager units.

The Prime Company, Domus Development and Kingdom Development will build the 85-unit complex at 2111 Firestone Blvd. in unincorporated Florence-Graham north of Watts. KeyBanc Capital Markets Group (KBCM) also sold $20.7 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support financing of the project.

Supportive services will be available to all residents to help them stabilize and enhance their overall well-being. These services include intensive case management, mental health services, addiction/recovery services, employment and/or benefits advocacy; assistance in strengthening independent living skills and building a more comprehensive natural social support system.

The lead service provider, Housing Works (HW), will offer intensive case management using a housing first, trauma-informed approach to all tenants in the building.

Kortney Brown and Ted Witt of KeyBank CDLI structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

Source link

Nicole Lambert
Nicole Lambert
Nicole Lamber is a news writer for LinkDaddy News. She writes about arts, entertainment, lifestyle, and home news. Nicole has been a journalist for years and loves to write about what's going on in the world.

Recent posts

Related articles

Avison Young arranges 99-year ground lease for an estimated $21.5 million

Share0 Avison Young has arranged a 99-year long-term ground lease at 301-307 Third Avenue on behalf of Snake...

Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building

Share0 Rosewood Realty Group announced the $36.5 million sale of 159-161 West 54th Street, a 15-story, mixed-use building...

AI and cloud adoption propel data center demand to record levels for 2023

Artificial intelligence (AI) and machine learning are touching the corners of every industry in a rapidly changing...

Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando

Miller Construction Company, a statewide, privately-held construction firm, has begun site work on an 80,000-square-foot warehouse for...

Local Development Corp. Votes Final Approval of $195 Million Bond Financing for Construction of New 162,626 SF Patient Care Tower at Westchester Medical Center

The Westchester County’s Local Development Corporation (LDC) voted on August 23 final approval of $195 million in...

NAI James E. Hanson Tapped to Sell 133,032-Square-Foot Retail Power Center in Riverdale, N.J.

 NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has...

Curtis + Ginsberg Architects To Relocate HQ To Rudin’s One Battery Park Plaza

 Rudin announced today that Curtis + Ginsberg Architects has signed a 12,602 square-foot lease at One Battery Park Plaza in Lower...

Camber Property Group Closes on $23 million Oakland Heights Apartments

Camber Property Group announced today the acquisition and preservation of the Oakland Heights Apartments, a 12 acre...