WPH Holdings Secures $46M Construction Loan For Development Site On West Washington Boulevard

WPH Holdings, owned by Fariba Atighehchi, has secured a $46 million construction loan for a development site located at 720 West Washington Boulevard in Los Angeles. The loan was provided by Bank of Hope, with Kevin S. Kim representing the lender. The Federal Home Loan Bank of San Francisco also participated in the financing, with Ryan Donovan as their representative. Additionally, the Los Angeles City Government contributed $12 million towards the project.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $46,000,000
• Lender: Bank of Hope, Federal Home Loan Bank of San Francisco, Los Angeles City Government
• Landlord: WPH Holdings - Fariba Atighehchi

The loan type for this transaction is a construction loan. It is worth noting that WPH Holdings, in partnership with Las Palmas Housing, has recently developed the Washington View Apartments in Los Angeles. This senior housing community offers 122 units, with 91 of them designated for formerly homeless residents. The property includes support services, recreation rooms, and community spaces. The project received a $33 million loan from Bank of Hope, a $1 million grant from the Federal Home Loan Bank of San Francisco, and a $12 million contribution from the Los Angeles city government.