Our Senior Vice President, Aaron Wooler, will be speaking on the “Policy & Programs in Context: How Will Affordable Housing Fare in 2013 and Beyond” panel at the National Housing and Rehabilitation Association’s 2013 Spring Developers Forum held Wednesday, May 8th, in Marina del Rey. Learn about the future of affordable housing finance and speak with Aaron about your next project. You can find event and registration information at the event site.
Los Angeles City Councilman Bill Rosendahl took the wraps off Del Rey Square, a 124 unit senior housing community in West Los Angeles, on April 12, 2013. Open to formerly homeless and low-income seniors, the complex includes a computer room, fitness center, and private balconies and patios which complement the spectacular Spanish-style exterior.
Century helped finance the project with a $9,547,500 acquisition loan through the New Generation Fund to Thomas Safran & Associates, an award-winning developer responsible for more than 40 properties throughout Los Angeles.
Century recently closed two loans in Southern California:
–Jamboree Housing and WNC Investment Partners are developing Arbor Terrace Apartments in Colton (San Bernardino County) with Century’s $12,350,000 acquisition loan, our first deal financed using the Golden State Acquisition Fund. The project will rehabilitate 129 family apartments, adding improvements such as new bathrooms, kitchens and appliances, and extend affordability to lower income tenants.
–Al Leibovic is developing 6900 Laurel Canyon with the help of $1,700,000 in construction financing from Century. The project will create nine units of workforce housing in North Hollywood.
Century will be attending Housing California’s Annual Conference in Sacramento again this year, so be sure to stop by our booth and say hello. Online registration is closed, but onsite registration will be available at the event running between April 16-18. Be sure not to miss the Golden State Acquisition Fund panel, where our own Neha Shah will be sharing insight into some of the program’s less obvious applications.
Los Angeles County Supervisor Zev Yaroslavsky joined a long roster of city officials to celebrate the ground breaking of The Janet L. Witkins Center in the heart of West Hollywood on March 15, 2013. Named after the founder of Affordable Living for the Aging (ALA), an organization dedicated to senior housing and also this project’s developer, the center will be the nation’s first sustainably and universally designed home for vulnerable seniors.
Century’s $850,000 acquisition and predevelopment loan helped finance the 17 unit project targeting seniors with incomes at or below 30% of the area median income.
Little Tokyo Service Center (LTSC) and Koreatown Youth & Community Center’s (KYCC) newly developed Menlo Family Apartments opened its doors to low-income and special needs residents last month. The development transformed a crime-ridden corner near the intersection of Pico Blvd. and Vermont Ave. into 60 low-income family and special needs apartments.
Menlo Family Apartments targets families earning less than 50% of Los Angeles area median income, with an entire 30 units set aside for homeless families, homeless families with children with mental illness, and homeless transitional aged youth. Over 4,000 square feet of service space and community rooms make up the ground floor providing after-school programs, life skills training, financial literacy and parenting, and mental health counseling and treatment, led by KYCC.
Century contributed $1,220,000 to the project’s acquisition and predevlopment financing.
The preservation and creation of affordable housing has been a longstanding goal of both Los Angeles County and many of its 88 cities, but the demise of redevelopment agencies delivered a blow to low-income residents struggling in one of the nation’s most difficult housing markets.
On March 5, 2013, acting on a joint motion by Chairman Mark Ridley-Thomas and Supervisor Gloria Molina, the Board of Supervisors unanimously reaffirmed the county’s commitment to providing permanent housing for low-income residents. The Supervisors transferred $15 million to the Community Development Corporation for affordable housing in Los Angeles County.
Last week’s closing of a $4,550,000 Century construction loan is paving the way for new workforce apartments in Panorama City thanks to developers Gary Kleinman, David Kleinman, Mike Engelman, Al Leibovic, and Marat Dreicer. The 28-unit two- and three- bedroom project, named Nordhoff Apartments, will be opening its doors to San Fernando Valley residents in early 2014.
Assemblymember Holly Mitchell joined Mayor Andy Weissman and a well-rounded panel of housing developers (Los Angeles Housing Partnership and Habitat for Humanity), investors (Bank of America and Union Bank), and other leading advocates at the Culver City Council Chambers at last week’s Affordable Housing Roundtable. The first such event hosted in Culver City generated a lively discussion with local residents and community leaders contributing great questions and possible solutions to financial and legislative roadblocks. (more…)
The long awaited Golden State Acquisition Fund (GSAF), a $93 million source of flexible acquisition financing to developers throughout California, has made its official launch thanks largely to seed money from the California Department of Housing and Community Development.
As an official loan originator, Century is now taking applications from both nonprofit and for-profit developers. Fund highlights include loan amounts of up to $13,950,000 with up to 100% LTV and up to a 5-year term.
For details please see the Century GSAF Term Sheet or call Aaron Wooler at 310-642-2019.