Shawn Horwitz Of Alliant Communities Secures $36.1M Loan For Affordable Housing Development In Northridge

A development site located at 18444 Plummer Street in Northridge, CA encompasses 63,285 square feet and spans 1.45 acres. The property is set for transformation with a $36.1 million loan secured from the Los Angeles Housing Department for constructing a six-story, 200-unit affordable housing development aimed at households earning between 30% to 80% of the area median income.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $36,100,000
• Loan Type: Construction & Permanent
• Loan Terms: 57 years
• Lender: Los Angeles Housing Department
• Landlord: Shawn Horwitz - Alliant Communities
• Construction Start Date: February 2027
• Expected Construction Duration: 26 months
• Unit Types: One- to three-bedroom apartments
• Parking Spaces: 102
• Family Amenities: Included in the plans

Shawn Horwitz of Alliant Communities is spearheading the effort to replace a vacant Rite Aid with this new development, which will enhance the local housing landscape by providing affordable options for a diverse range of households.