RED PROVIDES $24 MILLION FOR CONSTRUCTION OF NOHO SENIOR APARTMENTS
LOS ANGELES — Red Mortgage Capital LLC has underwritten and processed $23.99 million in non-recourse financing for the construction of the 126-unit NoHo Senior Arts Colony, which will offer age-restricted (62 and older) one-and two-bedroom independent-living units in L.A.’s North Hollywood district. At an estimated total cost of $42 million, Meta Housing Corp.’s multifamily development will include typical common-area amenities such as pool, Jacuzzi and a library/great room, as well as numerous, unique artistic amenities such as a 76-seat theater, art studios, classrooms, gallery/exhibit space, computer media and digital video/film labs, and a radio recording and editing room. As part of the financing requirements, 20 percent of the development will be restricted to renters having income at the lesser of LIHTC and California Redevelopment Law maximum allowable rents. The innovative senior-housing project also utilized tax credits, grant money and funding from the Community Redevelopment Agency of the City of Los Angeles.