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10/09/25
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Six Peak Capital has obtained $31.3 mil in senior debt money for the development of a 116-unit 100% affordable housing project located at 9033 Ramsgate in the Westchester neighborhood of Los Angeles. The financing was arranged by Zachary Streit with Priority Capital Advisory.
9033 Ramsgate is a Los Angeles Executive Directive 1 (ED1) project. ED1 projects enable developers to utilize California’s State Density Bonus Law to entitle affordable housing, offering substantial incentives such as increased density, building height, reduced parking requirements and accelerated review and permitting processes for 100% affordable projects.
The property will include a unit mix designed to attract both individuals and families, comprising 15 studios (13%), 31 one-bedroom/one-bathroom units (27%), and 70 two-bedroom/one-bathroom units (60%). All units will be fully furnished, offering tenants a seamless, move-in-ready living experience.
Situated on a one-half acre site, the property is convenient to the 405 Fwy and sits adjacent to Los Angeles International Airport (LAX), a major employment hub with roughly 59,000 workers and is a 10-minute drive from another massive employment and entertainment hub – Hollywood Park – a 300-acre mixed-use development that includes major venues such as SoFi Stadium, Kia Forum, Intuit Dome, and YouTube Theater. The property aims to provide the local workforce with a high-quality yet affordable housing option.
With this loan in place, the project has now broken ground with completion anticipated for late 2027. Construction will be led by LV Construction LLC, Six Peak Capital’s affiliated construction company.
“Since this was an ED1 project, Priority Capital Advisory needed to identify a lender who was comfortable with some of the nuances of getting an ED1 project financed, including a significant property tax abatement and a limited parking ratio,” said Streit. “Despite these distinctions and some of the headwinds facing development in Los Angeles, this loan request attracted a significant number of bidders and we were able to deliver a successful and smooth closing.”
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