|
|
5/06/26
|
Logos Faith Development has secured a $15 mil construction loan for Logos’ St Rest Phase One, a 62-unit affordable housing community in South Los Angeles. The project represents the first phase of a two-phase development on land owned by St Rest Friendship Baptist Church. The loan was provided by Sunflower Bank.
Located at 706 W. 85th St, units at St Rest Phase One will serve low- and moderate-income households. The four-story courtyard development will include 53 one-bedroom units and nine two-bedroom units, along with 27 covered parking spaces.
St Rest will include deeper affordability replacement units as part of the project’s overall housing mix. The $15 mil loan will be used to cover construction costs of Phase One, which is expected to begin shortly and estimated to be completed during Q4 2027.
St Rest Phase One is part of a broader vision to redevelop underutilized church-owned property into housing and community-serving space. The full two-phase plan will ultimately create 138 new housing units across neighboring parcels, along with a new worship and ministry space for St Rest Baptist Church in Phase Two. Phase Two is not included in the current construction loan.
“This closing marks an important milestone for the church and the surrounding Vermont Knolls neighborhood,” said Pastor Martin Porter, Founder and CEO of Logos Faith Development. “By working closely with St Rest Baptist Church and Sunflower Bank, we are advancing a model that strengthens faith-based institutions while addressing the urgent need for affordable housing.”
This loan follows closely on the expansion of Logos’ finance team with the appointment of David Pecoraro as Director of Finance. In this role, he will lead the firm’s overall accounting efforts, focusing on investment strategy and financing for Logos’ multifamily developments in collaboration with faith-based partners.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
