Lending Matters in October

Century had a productive month, closing four loans throughout Southern California:

$1,620,000 in predevelopment financing will help build Baldwin Park Apartments, a 72-unit workforce housing project developed by ROEM Development Corporation, which will also create 84 FTE construction jobs.

–Diversified Equity Group received a $8,500,000 construction loan for 61 homes in Sylmar. Construction of Villa Marbella Apartments will create 71 jobs.

–Hawthorne Family Apartments, 127 units of workforce housing developed by Pacific Companies, is off the ground thanks in part to $2,071,000 of acquisition financing.

–Finally, Reseda residents can look forward to 4 new homes developed by Uzi Levi using a $900,000 construction loan.

ALA’s Janet L. Witkins Center Breaks Ground

Witkin Center RenderingLos 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.

Menlo Family Apartments Opens in Central LA

Menlo Family Apartments Opening

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.

See the LTSC post for details.

Mixed-Income Housing…Will it Finally Be Favored?

Two of Century’s largest clients, Meta Housing and AMCAL Multi-Housing, are featured in an article about mixed-income housing in the March/April 2012 issue of Urban Land. The author, Patricia Kirk, highlights several public-private ventures in Portland (OR), Austin, and especially Southern California, where public agencies financial assistance made vibrant communities with a range of income levels possible.

kirk_3_351

Meta Housing received financial help from the city of Tustin for Coventry Senior Apartments

Read more

Predevelopment Financing in Wildomar

Century closed our first loan with Palm Communities (fka Palm Desert Development  Corp), an active affordable apartment builder in Riverside County, with a $900,000 predevelopment loan for Tres Lagos, a three-phase development which will provide 209 apartments for very-low income seniors in Wildomar (Riverside County). The 81-apartments in Phase 1 will be under construction later this year.

 

Helping the Most Vulnerable in the Coachella Valley

Century is proud to announce that we have closed a $300,000 predevelopment loan to Operation SafeHouse, for the creation of Roy’s Place, a new supportive housing project to be built in Thousand Palms. Construction is expected to start in February and completed before the end of 2012. Roy’s Place will provide homes for runaway, homeless, and emancipated youth, and will connect them with the other services Operation SafeHouse provides to their clients. Read more

Innovative Financing in Pasadena

Century is pleased to announce the closing of a $1,000,000 acquisition and predevelopment loan for Bridge Housing‘s Heritage Square, 70 apartments for very low income seniors in Pasadena. Century’s loan helped the LA County Housing Innovation Fund live up to its name, as the closing deadline outpaced the completion of the land lease, so Century’s loan had to be closed without real estate collateral, substituting a letter of credit.

Heritage Square

Read more