Los Angeles County Board Of Supervisors Approves $3 Million Loan For Abbey Road's 64-Unit Project

The property asset involved is a multifamily development consisting of 64 units located at 15302 Rayen Street in North Hills. The project is part of a larger $59 million initiative aimed at creating affordable housing options.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,000,000
• Lender: The Los Angeles County Board of Supervisors
• Landlord: Maura Johnson - Abbey Road
• Project Name: The Main Apartments
• Design Firm: AC Martin
• Construction Company: Walton Construction Services
• Supportive Services Provider: Penny Lane Centers

The key individuals involved in this transaction include Maura Johnson representing Abbey Road as the landlord, along with The Los Angeles County Board of Supervisors serving as the lender for the project. This development offers units targeted at renters earning as little as 30% of the area median income, facilitating access to affordable housing in the community.