Century’s $8.4 million land acquisition loan to NMS Properties, Inc., purchased 30,000 square feet in Santa Monica to build two projects, each with 100 apartments for low and moderate income families. Named 5th Street, this development is part of a larger plan by NMS, who is required to include affordable apartments in exchange for building height waivers and density allowances. NMS has been building apartments and mixed-use commercial buildings for more than 20 years, mostly in West LA and Santa Monica, and they have more than 40 properties in their portfolio. This was our first loan with NMS, and our first loan ever in Santa Monica. The rendering shows what the project will look like when construction is completed in about 3 years.
Century tapped the LA County Housing Innovation Fund (LACHIF) for the second time with a $3,363,000 acquisition loan for Kernwood Terrace Apartments. Developer Gary Braverman will preserve 51 affordable senior homes, and build an additional 26, in East Los Angeles.
East Los Angeles Community Corporation held a groundbreaking ceremony for the $24.6 million renovation of the historic Boyle Hotel on December 9th. Also known as the Mariachi Hotel for its role in housing mariachi players and their families, the Boyle Hotel is adjacent to the famous Mariachi Plaza and the new Eastside Gold Line station. Built in 1899, the historic hotel will be redeveloped into 20 affordable apartments, with an additional 31 apartments and parking built immediately to the east of the Hotel along 1st Street. The reborn Boyle Hotel will also provide new commercial space to add to the burgeoning Arts District along First Street, as noted by Los Angeles City Councilman Jose Huizar in his remarks at the groundbreaking.
Century provided ELACC with more than $4.4 million to purchase the hotel and adjacent properties in 2006 and 2007 when another developer had planned to acquire and demolish the historic building. The Boyle Hotel is a gateway to the Boyle Heights community and a symbol of the impact of Mexican immigrants. This development will balance the Boyle Heights neighborhood’s need for new affordable homes and commercial development with the need to respect and preserve its history.
A $3,750,000 Century acquisition loan to Market Park Partners, LP will purchase Market Park Apartments, 50 apartments for very-low income families in Inglewood. The property, located on North Market Street, will be recapitalized with tax exempt bonds and 4% tax credits and rehabilitated inside and out, starting in about six months. The developer, Vitus Group, is based in Seattle and owns more than 5,000 apartments in 13 states. The property is at-risk of losing its Section 8 rental subsidy, so the new owner will commit to keeping the property affordable for 55 additional years and will take on a 20 year Section 8 contract with HUD. This was Century’s first loan to Vitus Group (fka Pacific Housing Advisors).
Century’s $9,000,000 acquisition loan to Huntington Concord Partners, LP, will help preserve 162 affordable apartments for very-low income seniors in Huntington Park. The developer, LOMCO, has been the property manager since it opened 20 years ago. This was Century’s second deal with LOMCO, following a $12.5 million loan in 2008 for a similar development in Huntington Beach. LOMCO’s day-to-day operations are managed by Kent Davis, a Century alum.
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.