Transaction Overview
George Smith Partners arranged $46,648,544 in construction financing for a 189-unit workforce housing development in Echo Park, Los Angeles. The financing combined senior and mezzanine debt from a national balance sheet lender and a CDFI provider, collectively funding 75% of total project costs. The property features studios, one-bedrooms, and two-bedrooms, deed-restricted between 80%-120% of Area Median Income (AMI), with significant portion at voucher payment standards. Located on five assembled parcels totaling 86,479 square feet, walking distance to Echo Park Lake, neighborhood retail, and major transit in an ED1 incentive zone. The sponsor partnered with a qualified nonprofit to secure a California Welfare Exemption for property tax relief.
