Supportive housing project in San Pedro scores $22M in financing

JPMorgan Chase will back project with 90 studio units for homeless, disabled residents

Los Angeles /
Apr.April 29, 2022 02:14 PM
Enterprise Community Partners' Priscilla Almodovar and 311-345 N. Beacon Street (Getty Images, iStock, Adobe Communities)
Enterprise Community Partners’ Priscilla Almodovar and 311-345 N. Beacon Street (Getty Images, iStock, Adobe Communities)

A nonprofit affordable housing developer has secured $22.4 million in financing for a 90-unit supportive housing complex for homeless and disabled residents in San Pedro.

Maryland-based Enterprise Community Partners has obtained a low-income housing tax credit investment for the development of Beacon Landing, an affordable complex at 311-345 N. Beacon St., Urbanize Los Angeles reported.

The financing from JPMorgan Chase will allow Adobe Communities, a nonprofit affordable housing developer based in Downtown Los Angeles, to build the four-story apartment building in the Los Angeles port neighborhood.

Plans call for replacing two commercial buildings with 90 studio apartments geared to unhoused residents, with onsite supportive services. A parking garage would serve 10 vehicles.

Half the units at Beacon Landing would serve residents with physical, mental, or developmental disabilities. The units will be priced for households earning up to 30 percent of the area median income level.

Abode Communities has also designed the white-colored complex with yellow and charcoal accents, which will be built on a slope from prefabricated modular units.

The approximately $39-million project, to receive $8.75 million in funding from Measure HHH, a $1.2 billion bond to build housing for homeless residents, carries a price tag of $433,000 per unit, according to Urbanize. It’s expected to break ground this year and open by Summer 2023.

Enterprise Community Partners also recently secured funding for a 180-unit affordable and permanent supportive housing complex in Panorama City. Clifford Beers Housing just broke ground on the Corazon del Valle development at 14545 Lanark St., west of Van Nuys Boulevard, on land owned by Los Angeles County.

In December, Enterprise Community Partners closed two funds totalling $365 million to create more than 3,500 affordable rental units in 35 properties across 17 states. Founded in 1982, it has invested $54 billion to create or preserve 873,000 homes in 50 states, according to its website.

[Urbanize Los Angeles] – Dana Bartholomew





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