Decro Corp. secures additional funding for affordable housing complex in Lincoln Heights

The project now has $25M in financing for the construction of 97 units

Apr.April 16, 2019 10:00 AM
Decro CEO Ted Handel and a rendering of the Brine

Affordable developer Decro Corporation has secured $13 million in its latest round of funding for the construction of a 97-unit mixed-use complex in Lincoln Heights.

New Generation Fund is providing the financing for the development, which will include a medical complex near the Los Angeles County-USC Medical Center campus, according to Urbanize.

New Generation is a partnership of the City of Los Angeles, Enterprise Community partners, and the Local Initiative Support Corporation, according to the report. The project comes amid the city’s continued push for more affordable housing.

Last year, L.A. committed another $11.6 million in Measure HHH funds for the Decro development, which is being called The Brine.

It will rise at 3000 N. Main Street, near the medical center. Its main five-story building would house the 97 apartments, including 49 permanent supportive housing units. Supportive units refer to affordable units with access to on-site medical and mental health services.

That building would also have 30,000 square feet of ground floor retail space, classrooms, a gym, meeting rooms, and a community kitchen. A much-needed grocery store is slated to occupy the retail space.

New Generation also provided $3.2 million for a 64-unit senior affordable project in Echo Park that Decro filed last year.

For The Brine, plans also call for three other buildings. They are: 9,900-square-foot health center, a 3,700-square-foot pediatric mental health clinic, and a 17,300-square-foot medical office building above two stories of parking. VIP Community Mental Health Center, headquartered nearby on Griffin Avenue, will provide services at the Brine. [Urbanize]Dennis Lynch 

Related Articles

2201 Rosecrans Ave in El Segundo

Continental snags $55M refi on El Segundo office portfolio

AIDS Healthcare Foundation executive director Michael Weinstein is suing the center of measure HHH

AIDS Healthcare Foundation sues city over Skid Row project

A rendering of FlyAwayHomes’ HHH project in South LA and Mayor Eric Garcetti, who led the push to approve Prop HHH.

LA has now funded 8.5K units of affordable housing through $1.2B bond

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

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

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

LA City Councilmember Gil Cedillo and Jade Enterprises’ Sapphire development (credit: Scott L on Flickr)

Westlake abandoned its affordable housing requirements a decade ago. Things have changed

LA City Controller Ron Galperin and a groundbreaking ceremony for the first development funded by Prop HHH in December 2017 (credit: Office of Mayor Eric Garcetti)

Market-rate condos for the homeless? It costs just as much under LA bond program