Bond financing kickstarts affordable senior housing complex in Hollywood

Greystone teams up with ABS Properties for 200-unit project

Greystone's Hafize Gaye Erkan with 1657 N. Western Avenue (Greystone)
Greystone's Hafize Gaye Erkan with 1657 N. Western Avenue (Greystone)

A New York developer aims to build a 200-unit affordable housing complex for seniors in Hollywood.

Greystone plans to construct the nine-story apartment building at 1657 North Western Avenue on a half-acre parking lot paid for with $72 million in tax-exempt and taxable mortgage revenue bonds, Urbanize Los Angeles reported.

Other members of the project include administrative general partner ABS Properties, based in Hollywood, and Kingdom Development, a nonprofit based in Riverside, with Columbia Pacific Advisors serving as tax credit investor.

Plans for the Residency at the Entrepreneur call for a contemporary building with 200 affordable apartments, available to seniors who earn between 30 percent and 80 percent of area income.

Of those, 99 units would be leased by The People Concern, a Los Angeles social service agency that caters to seniors, residents at risk of homelessness and low-income families.

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The Residency at the Entrepreneur complex would include a business center, clubhouse, fitness center, laundry facility, computer room and office space.

ABS Properties, the administrative general partner, is also working with Greystone to transform the neighboring Hollywood-Western Building, an Art Deco landmark built in 1928, into senior affordable housing.

ABS also just filed plans with the city of Los Angeles to redevelop a Hollywood site near the 101 Freeway into a 26-story apartment building for low-income seniors.

– Dana Bartholomew

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