Thrive Living Secures $65M Construction Loan From J.P. Morgan For East Hollywood Development

The asset involved in the transaction is a development site located at 1141 North Vermont Avenue in Los Angeles. Thrive Living has secured a construction loan amounting to $65,000,000 from J.P. Morgan’s Workforce Housing Solutions group. This funding is intended for the construction of a 290-unit affordable housing project, which will cater to households with incomes of up to 80% of AMI. The project will be developed without any public subsidies.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $65,000,000
• Lender: J.P. Morgan
• Landlord: Ben Shaoul - Thrive Living
• Broker: Walker & Dunlop
• Market: Los Angeles
• Note: The development arranged by Walker & Dunlop with partners A. Walker & Co. and Basis Investment Group.

The individuals involved in this deal include Ben Shaoul, who represents Thrive Living, and J.P. Morgan, which provided the financing for the project. The brokerage firm Walker & Dunlop played a key role in arranging the loan, working in conjunction with A. Walker & Co. and Basis Investment Group as partners in the development effort.