Developer Six Peak Capital has secured a $31.3-million construction loan for the construction of an affordable housing complex in Westchester, Priority Capital Advisory announced this week.
The loan, which was arranged by Priority Capital founder and president Zachary Streit, will go toward the construction of a seven-story, 116-unit development located at 9033 Ramsgate Avenue. Plans also call for a 36-car garage.
Entitlements included streamlining through the Mayor's Executive Directive 1, as well as density bonus incentives to permit a larger structure than would have otherwise been allowed by zoning rules. The apartments are to be reserved for low- and moderate-income renters.
“Since this was an ED1 project, Priority Capital Advisory needed to identify a lender who was comfortable with some of the nuances of getting an ED1 project financed, including a significant property tax abatement and a limited parking ratio,” said Streit in a statement. “Despite these distinctions and some of the headwinds facing development in Los Angeles, this loan request attracted a significant number of bidders and we were able to deliver a successful and smooth closing.”
9033 Ramsgate AvenueGoogle Maps
Plans call for a mix of studio, one-, and two-bedroom apartments, all of which will be fully furnished for tenants.
The Albert Group Architects is designing the project, according to plans approved by the City of Los Angeles last year.
Construction of 9033 Ramsgate is currently underway, and completion is expected in 2027.
Six Peak Capital is working on another ED1 affordable housing project along Francis Avenue in the Westlake neighborhood, as well as a mixed-use, predominantly market-rate development on Sunset Boulevard in Silver Lake.
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- Westchester (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
