A new multifamily development in South Park is one step closer to becoming a reality after receiving $15.5 million in first-lien construction financing.

6100 Main, nestled in the Florence neighborhood of South Los Angeles, is set to become a four-story, 87-unit multihousing community.

Jones Lang LaSalle Inc. worked on behalf of the borrower, South Los Angeles-based affordable housing and minority-led developer SoLa Impact, to secure the construction loan with a regional bank.

“We are extremely pleased to have sourced a new lender relationship for our client that could finance a modular construction loan in the current banking environment,” Greg Brown, a senior managing director at JLL, said.

Brown led the JLL Capital Markets Debt Advisory team along with director Charlie Vorsheck, director Kellan Liem and analyst Allie Black.

Located within a qualifying opportunity zone, the project will utilize modular unit construction – a method in which building parts are constructed offsite and then transported in to be assembled.

The community will be developed on a 0.52-acre site, and upon completion, will consist of 87 one-bedroom units. Common amenities will include a community room, a roof deck, a ground-floor garage and bicycle parking.

SoLa Impact, which owns a large portfolio of rental housing, focuses on revitalizing disadvantaged communities through real estate funds that strive for both social impact and financial returns. The company has used opportunity zone funds to invest in a variety of similar mixed-income and affordable housing projects in South Los Angeles, including Project Florence, a mixed-use development made up of 31 apartments with 100% of units reserved for low-income tenants.