Prolific affordable housing developer SoLa Impact has scored a $35-million loan for the construction of a new project in Vermont Square, according to multiple published reports.
The construction loan, provided by Acore Capital and arranged by Walker & Dunlop, will go toward the construction of a five-story, 188-unit apartment complex at 4301 S. Vermont Avenue.
4031 S. Vermont AvenueGoogle Street View
The project, which benefited from the streamlining provisions of Executive Directive 1, will include one-bedroom apartments reserved for low- and moderate-income households. Additionally, SoLa Impact secured approvals using density bonus incentives.
Open Office is designing the project, which is to be built with prefabricated modular units supplied by SoLa Impact subsidiary Model Z.
4031 S. Vermont AvenueGoogle Maps
Plans show that the building will have an L-shaped footprint, wrapping an existing commercial structure at the intersection of 43rd Street and Vermont Avenue.
SoLa Impact, which boasts a portfolio of thousands of apartments in South Los Angeles is also working on a similar development at 3905 S. Normandie Avenue.
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- Vermont Square (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
