West Hollywood Community Housing Corp. recently secured $11.7 million for the construction of a permanent age-restricted housing development in Los Angeles. Third Thyme is a 104-unit fully affordable multifamily complex designated for seniors aged 62 and over, earning between 50 and 60 percent of the area median income. According to Multi-Housing News, 47 units will also be reserved for formerly homeless senior individuals.
Third Thyme was designed by 64North to achieve LEED Gold certification, and amenities include a community room, a fitness center, a lounge, a computer room, a library, laundry facilities, and outdoor open spaces.
Representing the borrower, JLL Capital Markets secured the 15-year, fixed-rate loan through Freddie Mac, with servicing by JLL Real Estate Capital.
Currently under construction, the $30 million project was financed with 9 percent LIHTC and public funds. In March, the Los Angeles County Board of Supervisors allocated an additional $1 million in Affordable Housing Trust Funds for the development of the supportive housing complex, supplementing the already secured $3 million, according to Urbanize Los Angeles.
Advertisement
Related Stories
Affordability
NAHB Announces Plan to Address the Housing Affordability Crisis
The National Association of Home Builders has outlined a 10-step plan that would increase the supply of single-family and multifamily for-sale and for-rent housing
Innovation
IKEA Model Home Aims to Ease the Trauma of Homelessness
Blending innovation with empathy and eco-conscious design, IKEA US unveils a pioneering model home in its Live Oak, Texas, store
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
