Azusa Apartments in Los Angeles Receives $30.1M

by Nellie Day

LOS ANGELES – The 88-unit Azusa Apartments in Los Angeles has received $30.1 million in financing. The affordable housing community is located in the San Gabriel Valley. The debt financing included an FHA Section 221(d)(4) mortgage of $16.5 million provided by RED Mortgage Capital; $12.1 million of 9 percent Low Income Housing Tax Credit (LIHTC) equity; and $1.5 million invested by sponsor Community HousingWorks, utilizing resources from NeighborWorks America.

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