Los Angeles City Councilor Eric Garcetti joined Mark Walther and Frank Fonseca, principals of developer American Communities and Century CEO Ron Griffith helped to celebrate the groundbreaking for The Gordon, our eighth partnership of Century and AC. Joining them were other key partners in the development – Rushmore Cervantes of the Los Angeles Housing Department; Richard Prantis of PSL Architects; […]
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Entries by speelor
While the unemployment rate continues its slow decline and job creation chugs along, a very telling chart from the St. Louis Fed (reproduced and enhanced below) shows how the percentage of men (RED line) who are employed has fallen during, and not recovered after all US recessions in the past 50 years. The percentage of […]
The apartment boom continues! Century is working with a new developer, Uzi Levy, to build fourteen new apartments in Van Nuys. Mr. Levy is moving up from installing and maintaining commercial/residential fire and life safety systems to ground-up development, assisted by his general contractor, Blondy Development, a prior Century client. Century’s $2.26 million construction loan (closed […]
Whether large or small, the developers who work with Century always get an answer in a timely manner, relieving them of one bit of uncertainty inherent in real estate development. That answer was an enthusiastic “YES!” for Prakash Chandran on his second construction loan with Century. He is building four new apartments on a vacant […]
Century is happy to announce our continued investment in making downtown Los Angeles a more livable place with the closing of a $10.165 million acquisition loan to Standard Development, LLC, for the purchase of the Banco Popular (aka Herman H. Hellman) Building on Spring St. Standard Development will convert the ten-story building, built in 1903 and once […]
As many affordable housing developers deal with the challenge of the end of redevelopment agency funding, some are able to move forward on projects because they don’t require significant public subsidy. Century’s latest loan closing is a $2,000,000 site acquisition loan to Aszkenazy Development, Inc. for the site of Harding/Fermoore in the City of San […]
Beacon Economics most recent Employment Report for California (based on the May 18th release from EDD) is very positive on the job-growth trend, especially in private sector employment, where 219,000 jobs have been created in the past year (April 2011-April 2012), helping to offset a loss of 43,000 government jobs, of which more than 70% were […]
In this morning’s Los Angeles Times Alejandro Lazo reported on a just-released analysis done by Zillow, the on-line home value estimator, that pegged the percentage of homes with negative equity (or underwater mortgages) at 30% in Los Angeles County, up from 28.6% in the 4th quarter of 2011. The analysis, done with data from Zillow […]
Hearty congratulations are in order for the San Joaquin Valley Housing Collaborative for the successful inaugural San Joaquin Valley Affordable Housing Summit 2012 held May 22nd in Fresno. The Summit program covered a wide range of issues, especially the depth of the foreclosures and accompanying loss of home values in the Central Valley, but also […]
In a twist, George Lucas has pledged to develop affordable housing in Marin County in response to NIMBY opposition to his commercial development plans – probably not what the local homeowners expected to hear. In an April 10th letter to the Marin Independent Journal Skywalker Properties stated that instead of continuing to battle NIMBYs over building film […]
Century Housing finances affordable housing developments throughout California. From acquisition loans to bridge and construction loans, Century has worked for more than 20 years to provide tax-credit developers and infill developers with innovative loan solutions and responsive service.