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.
