Financing has been arranged for the development of two affordable housing communities in Los Angeles.
HVN Development is developing a 40-unit building at 121 North Mathews St. that will feature six one- and 33 two-bedroom apartments as well as a manager’s unit. Four units will be reserved for residents earning up to 30% of the area median income (AMI), four units at 50% of the AMI, 23 units at 60% of the AMI, and eight units at 80% of the AMI.
The second development at 6018 Brynhurst Ave. will feature a 50-unit building with seven one- and 42 two-bedroom units as well as a manager’s unit. Five units will be home to residents at 30% of the AMI, five units at 50% of the AMI, 29 units at 60% of the AMI, and 10 units at 80% of the AMI.
KeyBank Community Development Lending and Investment (CDLI) announced it is providing $ 23.3 million in construction loans and investing $10.7 million in low-income housing tax credit financing, and KeyBank’s Commercial Mortgage Group has arranged $16.2 in Freddie Mac TEL (tax-exempt loan) permanent financing.
The California Housing Finance Agency will also issue $14.4 million of multifamily housing revenue bonds as well as $7 million in recycled bonds to fund the permanent loans. In addition, HVN Development is providing loans in the amount of $2.4 million for these two projects, according to project partners.
Kortney Brown and Matthew Haas of KeyBank CDLI and Hector Zuniga from Key’s Commercial Mortgage Group structured the financing.
LifeSTEPS will offer on-site supportive services, including financial literacy, computer training, and health and wellness programs. HVN Development has partnered with Integrity Housing, an experienced developer committed to identifying innovative solutions to ease California’s housing crisis by increasing the affordable housing supply.
Aperto Property Management will oversee the management of both buildings.
