The housing community has been designed by KTGY Group, Incorporation and developed by CMSI/Advent Companies. It is located on a 2.62 acre-area of hillside land and allows views of the Hollywood Hills.
The property is targeted at families earning 30 to 60% of the city’s area median income. It comprises a total of 112 units sporting two as well as three bedrooms. The units are accommodated in a pair of contemporary-styled buildings encompassing four floors each.
Among the various other features of the facility include a picnic area, playground, a subterranean parking garage, as well as a community recreation centre. The community centre incorporates a restored church’s façade which was formerly housed in the site.
The project has been financed via various sources including $19.9 million of private equity from Bank of America Merrill Lynch raised through sale of federal Low Income Housing Tax Credits. It has also received $5 million of infill infrastructure funds from the California Department of Housing and Community Development along with $5 million provided by California Pollution Control Finance Authority. Bank of America Merrill Lynch contributed a sum of $15.8 million in construction and bridge loans while $10 million in bridge loans has come from Continental Mortgage Corporation. The seller of the facility has offered $1.2 million in residual receipts note.
