KeyBank CDLI Funds New Housing for Homeless in LA
The Prime Company, a multi-family development firm that gives back to the community, partnered with Domus Development and Kingdom Development to create a new housing project for people who are homeless or at risk of homelessness in Los Angeles, CA.
The city has the highest number of homeless people in the country. KeyBank Community Development Lending and Investment (CDLI) supported the project with $46.4 million in financing, including federal and state tax credits, a construction loan, and a permanent loan. KeyBanc Capital Markets Group (KBCM) also issued $20.7 million of tax-exempt bonds through a public offering to help fund the project.
The project, called 2111 Firestone, is a six-story building with 85 units of one- and two-bedroom apartments. It is located at 2111 Firestone Blvd. in Florence-Graham, a neighborhood north of Watts. The project will serve families and individuals who are exiting homelessness and have incomes below 30% or 50% of the Area Median Income (AMI). Two units will be reserved for managers.
The residents will have access to supportive services that will help them improve their quality of life and achieve stability. These services include case management, mental health care, addiction/recovery support, employment and/or benefits assistance, independent living skills training, and social support network building. Housing Works (HW), the main service provider, will use a housing first and trauma-informed approach to serve all tenants in the building.
Kortney Brown and Ted Witt from KeyBank CDLI arranged the financing. Sam Adams from KeyBanc Capital Markets Public Finance Group handled the bond underwriting.
The city has the highest number of homeless people in the country. KeyBank Community Development Lending and Investment (CDLI) supported the project with $46.4 million in financing, including federal and state tax credits, a construction loan, and a permanent loan. KeyBanc Capital Markets Group (KBCM) also issued $20.7 million of tax-exempt bonds through a public offering to help fund the project.
The project, called 2111 Firestone, is a six-story building with 85 units of one- and two-bedroom apartments. It is located at 2111 Firestone Blvd. in Florence-Graham, a neighborhood north of Watts. The project will serve families and individuals who are exiting homelessness and have incomes below 30% or 50% of the Area Median Income (AMI). Two units will be reserved for managers.
The residents will have access to supportive services that will help them improve their quality of life and achieve stability. These services include case management, mental health care, addiction/recovery support, employment and/or benefits assistance, independent living skills training, and social support network building. Housing Works (HW), the main service provider, will use a housing first and trauma-informed approach to serve all tenants in the building.
Kortney Brown and Ted Witt from KeyBank CDLI arranged the financing. Sam Adams from KeyBanc Capital Markets Public Finance Group handled the bond underwriting.
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