Third Thyme, a senior supportive-housing community being built in Westlake, has secured $11.8 million in permanent financing. 

The financing was secured by Jones Lang LaSalle Inc. on behalf of West Hollywood Community Housing Corp. The 15-year, fixed-rate loan was provided by Freddie Mac Multifamily.

“West Hollywood Community Housing Corporation is an experienced developer that navigated rising interest rates and construction costs during bank failure and market disruption,” JLL Senior Director Anson Snyder, who led the Capital Markets Debt Advisory Team on the transaction, said in a statement. 

The property, which is under construction now after receiving a contract award to move forward on May 3, will feature 104 one-bedroom affordable-rental apartments for seniors 62 and above. It is expected to be completed in summer 2025.

According to Third Thyme, 52 of the units will be reserved for formerly homeless seniors and two of the units will be reserved for on-site building managers. The remaining 50 units will be open for seniors earning between 50% and 60% of the area’s median income.

At completion, the eight-story high-rise will include a variety of amenities, including a community room with a kitchen, a lounge, a computer room, a library, laundry room, multiple offices and a gym. The building will also include a shared outdoor space, as well as a central open-air courtyard on the third floor with views of the L.A. basin. 

Funding for the site included a Low-Income Housing Tax Credit (9% of the total), a dollar-for-dollar tax credit system for affordable housing investments within the U.S., as well as public funds.