LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, a supportive housing property located in unincorporated Florence-Graham in the Watts neighborhood of Los Angeles. The Prime Co., a giving-focused, vertically integrated multifamily development firm, is the sponsor of the project.
KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit (LIHTC) equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the development.
Located at 2111 Firestone Ave., the six-story residential complex will feature 85 one- and two-bedroom apartments designed to serve families and individuals exiting homelessness. Forty-two of the units will be designated for individuals exiting homelessness and earning no more than 30 percent of the area median income (AMI) and 41 apartments will be restricted to households earning no more than 50 percent of AMI. Additionally, the property will feature two manager units.
The project team includes Prime, Domus Development and Kingdom Development. KeyBanc Capital Markets Group also sold $20.7 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support financing the project.
Housing Works will provide supportive services for residents at 2111 Firestone that will include intensive case management, mental health, addiction/recovery, employment and/or benefits advocacy, assistance in strengthening independent living skills and buildings comprehensive natural social support systems.
Kortney Brown and Ted Witt of KeyBank CDLI structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.