Housing Diversity Corporation Secures $34.2M Refinance Loan For Vida DTLA

The multifamily property located at 1317 South Grand Avenue in Los Angeles, consisting of 147 units and spanning across 67,456 square feet, recently underwent a refinancing process. The loan amount secured for this transaction was $34,200,000, with the financing provided by Elise Buik from the United Way of Greater L.A. and Pinnacle Partners. The landlords involved in this deal are Brad Padden from Housing Diversity Corporation (HDC) and Peter A. Nitze from Nitze-Stagen.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $34,200,000
• Units: 147
• Square Footage: 67,456
• Address: 1317 South Grand Avenue
• Market: Los Angeles
• Lender: Elise Buik - United Way of Greater L.A; Pinnacle Partners
• Landlord: Brad Padden - Housing Diversity Corporation (HDC); Peter A. Nitze - Nitze-Stagen

The $34.2 million loan package for the Vida DTLA development in Downtown Los Angeles was secured by the Housing Diversity Corporation (HDC) through funding from the United Way of Greater L.A. and additional equity raised via Pinnacle Partners for sponsor OZ Navigator. The project, slated to open on March 28, will feature micro-units ranging from 300 to 400 square feet, offering various affordability levels including federal housing choice vouchers and units designated for extremely low-income residents through the city’s Transit Oriented Communities program.