Thrive Living has secured funds from JPMorgan Chase, through its Workforce Housing Solutions group for the transformation of 1457 North Main Street in Los Angeles. The site of a former industrial storage facility will be transformed into a 376-unit affordable and workforce housing community.
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Thrive Living secured entitlements for the site last year. They have already begun construction of a contemporary six-story mixed-use apartment complex. It is aimed at helping meet the need for more affordable and workforce housing in Los Angeles.
The Thrive Living 1457 North Main Street project cost
JPMorgan Chase is providing a $68.5 million construction loan to an entity controlled by Thrive Living. Moreover, this is its first construction loan to a 100% rent- and income-restricted workforce housing multifamily community.
Who is the project aimed towards?
The rent for all of the community’s 376 units is attainable for low- and moderate-income residents earning up to 80% Area Median Income (AMI). Some examples of moderate-income residents are nurses, teachers, and other essential workers for whom housing costs often exceed more than half of their income. The building will also welcome individuals with Housing Choice Vouchers.
When the project will be completed
The Main Street project anticipates completion by December 2024. It aligns with Thrive Living’s mission to acquire and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the Main Street project is privately financed without the use of scarce public subsidies.
“Our non-subsidized financing model enables us to make a bigger impact and move faster to build more affordably priced housing without concern for ceilings imposed by limited tax credits,” said Zak Tendle. He is the Principal at Thrive Living’s Los Angeles office. “We are so appreciative of the opportunity to work with the team at JPMorgan Chase. We want to bring this important housing project to life in Los Angeles. The city’s quality housing that is affordable to residents is in such short supply.”
