Olson Homes scores $110M construction loan for Leimert Park project

Wells Fargo was the lender for the 38-unit condo building

Dec.December 04, 2018 04:00 PM
Tim Sloan, Stephen Olson and 3605 South 10th Avenue

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.

Related Articles

Developer Pinyon Group’s 486-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Lee Rubinoff and the development site

This Transit-Oriented developer is eyeing his latest apartment project in Echo Park

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

LA Mayor Eric Garcetti and the Metro Gold Line (credit: Global Climate Action Summit via Flickr)

“Notorious NIMBY group” brings legal challenge to LA’s most popular affordable housing program

Thomas L. Safran and the firm’s president, Andrew David Gross, and the project site (Credit: Google Maps)

Safran & Associates’ planned rental project seeks affordable incentives amid legal challenge to city’s popular program

From left: Thomas L. Safran and President of Thomas Safran & Associates Andrew David Gross with the project site

An affordable housing developer eyes South LA industrial site for 127 resi units

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan

Urban Stearns’ Lee Rubinoff and an aerial shot of the property (Credit: Google Maps)

Developer plans to build tower in Historic Filipinotown