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
Off-Site Construction
New Study Examines Barriers and Solutions in Manufactured Housing
The study from Harvard's Joint Center looks at the challenges faced by developers using manufactured housing and how they're overcoming those barriers
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Off-Site Construction
Utah Passes Bill to Regulate Modular Construction at the State Level
Goals for housing innovation and affordability meet in Utah's passage of a new bill that establishes a statewide modular construction program
