Updated Jun 5, 2025
Thrive Senior Living Secures $68.5M Construction Loan From JPMorgan Chase For Downtown Los Angeles Multifamily Community
1457 North Main Street
$68,500,000
Units
376
Asset Type
MultiFamily
Closing
Dec 14, 2023
About this deal
AI
Thrive Senior Living, with backing from JPMorgan Chase, is building a 376-unit affordable and workforce housing community in downtown Los Angeles, financed entirely with private capital. The project, located at 1457 North Main Street, aims for completion by December 2024 and offers high-quality amenities like a gym, business center, and landscaped roof deck.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $68,500,000
- Units: 376
- Market: Los Angeles
JPMorgan Chase provided a $68.5 million construction loan for the project. Lionel Lynch, representing JPMorgan Chase, facilitated the loan. Thrive Senior Living is the landlord for the development.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93