A new 100% affordable multifamily development in Westchester is one step closer to realization.
Priority Capital Advisory, a Century City-based debt and equity adviser, facilitated a $31.3 million loan for Six Peak Capital – whose development division is based in Venice.
Located at 9033 Ramsgate Ave. in Westchester, the 116-unit multifamily complex will have 15 studios, 31 one-bedroom and 70 two-bedroom apartments – all fully furnished upon move-in. For 80% of the units, rents will be reserved for those making 80% of L.A. County’s area median income and 20% will be for those making 120% of the area median income. For a two-person household, this means a combined income of $96,960 and $102,300, respectively.
Having recently broken ground, the development is expected to wrap in late 2027.
In addition to the senior-debt financing arranged by Priority Capital, the development will also utilize some equity bringing the total budget to $40 million, or just under $350,000 per unit.
The project is a part of the city’s ED-1 program, which allows for increased density and height, lower parking requirements and a streamlined permitting process. Thus, Zachary Streit, founder and president of Priority Capital, said his team needed a lender “comfortable with some of the nuances of getting an ED-1 project financed, including a significant property tax abatement and a limited parking ratio.
“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,” he added.
With the development close to LAX and venues such as SoFi Stadium, Kia Forum, Intuit Dome and YouTube Theater, Six Peak envisions the property being workforce
housing for these major employers.
