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Thrive Senior Living Secures $68.5M Construction Loan From JPMorgan Chase For Downtown Los Angeles Multifamily Community

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FINANCED
$68,500,000

California

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MultiFamily
Financed 12/14/2023
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Property Image
FINANCED

Thrive Senior Living Secures $68.5M Construction Loan From JPMorgan Chase For Downtown Los Angeles Multifamily Community

1457 North Main Street

See Similar Deals
MultiFamily
Financed 12/14/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan

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

J.P. Morgan Chase
J.P. Morgan Chase
LENDER
Thrive Senior Living
Thrive Senior Living
LANDLORD

Details

FINANCED
IMAGE: Lionel Lynch & Jeramy Ragsdale DATE: 12/14/2023 ADDRESS: 1457 North Main Street MARKET: Los Angeles ASSET TYPE: Multifamily ~ UNITS: 376 LENDER: JPMorgan Chase (@JPMorgan) - Lionel Lynch LANDLORD: Thrive Senior Living LOAN AMOUNT: $68,500,000 LOAN TYPE: Construction Loan NOTE: 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. JPMorgan Chase's Workforce Housing Solutions group provided a $68.5 million construction loan for the project, which includes 42 extremely low-income units and aims for completion by December 2024, offering high-quality amenities like a gym, business center, and landscaped roof deck.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$68,500,000.00

Monthly NOI$456,666.67
Monthly Debt Service$432,966.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00