A year after first proposing the project, multifamily developer Olson Homes has secured financing for its new townhouse development in South Los Angeles.
The firm inked a $110 million construction loan to build a Transit Oriented Communities project in Leimert Park, according to title documents.
Wells Fargo is the lender, records show. The bank is already a financial affiliate of Olson, according to the developer’s website.
In November 2017, Olson filed plans to build 38 condominium units at 3605 South 10th Avenue. The 36-foot-tall building would rise a half-mile from the Metro’s under-construction Expo/Crenshaw station, qualifying the project for TOC incentives.
There would also be 77 parking spaces on-site, according to the filing.
Olson did not immediately respond to requests for comment.
Led by founder Stephen Olson and CEO Scott Laurie, Olson develops affordable housing in urban communities across California. Some of its other L.A. County communities can be found in Hacienda Heights, Azusa, La Mirada and El Monte.
The firm recently opened a new complex, dubbed “Magnolia Walk,” in Willowbrook, which is also in South L.A. Homes at the property will start at $80,000 for low-income residents, and range upwards of $400,000 for market-rate homes. There are 30 affordable homes and 64 market-rate residences available.
A joint venture between Metro and the Watt Companies is also developing a TOC project nearby. The mixed-use project, which will house 492 residential units and 47,500 square feet of commercial space, is being developed less than half a mile away from the Expo/Crenshaw station.