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July 20, 2019
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MULTIFAMILY NEWS
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Hollywood Community Housing Corp Acquires Central LA Site for Affordable Housing Development

1/14/16

Here’s news of an upcoming project that should boost the inventory of much-needed affordable housing units in Los Angeles. Hollywood Community Housing Corp (WHCHC), an award-winning affordable housing group, has purchased a 1.76-acre land parcel in central LA, for a planned, 186-unit affordable senior and family housing development. The land, located at Pico and Westmoreland, was acquired for $9.5 mil.

WHCHC has chosen PSL Architects to design the $65 mil intergenerational campus. The initial phase of the planned six-story, 94.5k sf Westmore Linden project will offer 93 units, 85 percent of which will be one-bedroom apartments for low-income seniors. Construction on Westmore Linden will start in 2017, and is expected to be completed in fall 2018. The seven-story Elden Elms, the second phase, will contain 93 affordable housing units for low-income families.

Located between Koreatown and the I-10 / I-110 interchange, Westmore Elden will provide residences to families and seniors making 30 to 60 percent of the area median income.

Keyvan Moradian and Yoav Sarraf of Concord Real Estate Services of Beverly Hills-based Concord Real Estate Services represented both parties in the transaction. The deal required a long escrow period to obtain entitlements and city funding, noted Moradian, who also pointed out that the parties needed to overcome numerous hurdles, setbacks and delays along the way with respect to the city funding timeline.

The New Generation Fund LLC, which provides flexible funding to cover acquisition and pre-construction costs to developers for the creation and preservation of affordable housing in Los Angeles, furnished WHCHC an $11.4 mil loan for the project. In total, the Fund has invested $84 mil for 1,642 units of new or preserved affordable housing in the City of Los Angeles since 2008.





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