KeyBank CDLI Provides $46.4M Loan For Supportive Housing Property In Los Angeles

KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the supportive housing property located at 2111 Firestone Avenue in Los Angeles. The project, sponsored by The Prime Co., is a development site that will consist of 85 apartments specifically designed for individuals and families who are transitioning out of homelessness. The property will offer support services through Housing Works, ensuring that tenants receive the assistance they need.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $46,400,000
• Lender: KeyBank Community Development Lending and Investment - Kortney Brown, Ted Witt, & Sam Adams
• Landlord: The Prime Co., Domus Development, & Kingdom Development
• Date: August 4th, 2023
• Address: 2111 Firestone Avenue, Los Angeles
• Market: Los Angeles
• Loan Type: Refinance

The financing for this project was provided by KeyBank CDLI, with Kortney Brown, Ted Witt, and Sam Adams as representatives. The Prime Co., Domus Development, and Kingdom Development are the landlords involved in this transaction. This deal aims to provide much-needed housing options and support services for individuals and families who have experienced homelessness in the Los Angeles area.