WeHo nonprofit developer scores construction loan on resi complex

Los Angeles /
Mar.March 21, 2019 03:00 PM
Jesse Slansky, President and CEO of West Hollywood Community Housing Corp., and the seven-story Elden Elms project set for the Pico-Union area of Los Angeles (Credit: Urban Architecture Lab)

The West Hollywood Community Housing Corporation secured a $43.7-million construction loan to build the second of two affordable senior housing complexes near Downtown Los Angeles.

MUFG Union Bank provided the nonprofit developer with the funding for the 93-unit project for  low-income tenants at 1255 S. Elden Avenue in the Pico-Union area.

Called the “Elden Elms,” it will be 141,100 square feet development. The Elden Elms plan was approved in late 2015 and includes density bonuses and affordable housing incentives to increase the floor area by 35 percent.

The project is next to WHCHC’s Westmore Linden complex, which is under construction. That building at 1250 S. Westmoreland Avenue is set for 72,000 square feet, with another 93 affordable units for seniors. Fifteen of the units will be reserved for homeless households with special needs.

Urban Architecture Lab designed both projects. The firm also designed LaTerra Development’s two mixed-use projects on Hollywood Boulevard.

WHCHC has developed 17 apartment buildings in Los Angeles County, including 14 in West Hollywood, according to its website. The group also filed plans earlier this year to build a 41-unit affordable housing complex, also located in the Pico-Union area, at 1055 S. Mariposa Avenue.

 

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