Thrive Living has secured a $65-million construction loan for the construction of a new affordable housing development just north of Metro's Vermont/Santa Monica Station in East Hollywood, the developer announced yesterday. 

The project, which will rise at 1141 N. Vermont Avenue, calls for the construction of a seven-story building featuring 290 studio, one-, two-, and three-bedroom apartments catering to households earning up to 80 percent of the area median income level. As an affordable housing development, the project benefited from the streamlining provisions of Executive Directive 1.

The privately-funded project's construction loan was arranged by Walker & Dunlop and provided by J.P Morgan.

Courtyard of 1141 N. Vermont AvenueThrive Living

“By creating affordable and workforce housing without the use of public subsidies, we are focusing on a market-driven solution that saves time and money and can be scaled because it’s not dependent on limited government tax credits,” said Thrive Living founder Ben Shaoul in a statement. “As we continue to expand our footprint in Los Angeles, we appreciate the support of great partners, like the team at J.P. Morgan, who share our vision.”

J.P Morgan previously provided financing for another Thrive Living project, a larger 376-unit development now under construction at 1457 N. Main Street in Chinatown.

Thrive Living intends to build 1141 Vermont using prefabricated modular units, potentially allowing work to be completed within 14 months.

1141 N. Vermont AvenueRios

Rios is designing the apartment complex, according to plans approved by the City of Los Angeles, which will incorporate amenities such as a rooftop deck, a community room, and other landscaped outdoor spaces.

The project is the latest in a recent string of developments slated to reshape the blocks surrounding Vermont/Santa Monica Station, including an affordable housing complex from LTSC which now flanks the subway station's entry plaza and a 177-unit mixed-income development taking shape one block to the east.

The Vermont Avenue development, as well as the under-construction Chinatown project, serve as a prelude to what will be Thrive Living's largest project in Los Angeles: an 800-unit development in Baldwin Hills which will feature a Costco on the ground floor.

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