Thrive Living’s affordable housing development in East Hollywood is moving forward with the help of a $65 million construction loan.
The Los Angeles-based developer, an affiliate of New York-based Magnum Real Estate Group, secured the loan from J.P. Morgan for a seven-story building at 1141 North Vermont Avenue, Urbanize Los Angeles reported.
The development will feature 290 studio, one-, two- and three-bedroom units for residents making up to 80 percent of the area median income. In Los Angeles County, this is defined as a maximum annual income of $84,850 for one person or $121,450 for a household of four.
To bring the 1141 Vermont development to life, Thrive Living will use prefabricated modular units, thus allowing for a speedier construction timeline. Work on the site could be completed within 14 months, according to Urbanize. The property will feature amenities like a rooftop deck, a community room and various landscaped outdoor spaces.
Another modular Thrive Living project, a 376-unit development at 1457 North Main Street in Chinatown, also benefited from a J.P. Morgan construction loan, per Urbanize. By using modular construction there, Thrive expects to cut costs by 15 percent.
The area near the Vermont/Santa Monica Metro station, where the 1141 Vermont development will rise, is in the midst of a transformation as other affordable housing projects get underway nearby.
Outside the train station entrance, Little Tokyo Service Center built a 187-unit affordable housing complex, while one block to the east, Jamison Properties is similarly building a 177-unit mixed-income development.
Prefabricated modular projects such as Thrive Living’s latest East Hollywood endeavor are proving to be beneficial in the Los Angeles area for both single-family and multifamily developments.
In the wake of January’s deadly wildfires, some homeowners in the Eaton and Palisades burn zones have turned to prefabricated models to erect temporary housing on their property. As Altadena, the Pacific Palisades, Malibu and other surrounding areas emerge from the ashes, modular housing could end up being a boon for these homeowners .
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