Greystone affiliate along with America First Multifamily investors have secured US$42 million in taxable mortgage revenue bonds and tax-exempt for the adaptive reuse, acquisition, and permanent financing of a future 79-unit senior and supportive complex community in Los Angeles. The construction at 5500 Hollywood Boulevard will entail converting an existing unoccupied commercial structure into a low-income housing tax credit multifamily complex. After a mezzanine is added, the project will consist of a single five-story residential structure.
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Following adaptive reuse, the property will be restricted to senior residents earning 30%, 50%, and 80% of the region’s median income. Thirty-nine of the apartments are expected to benefit from project-based vouchers, which will be master leased by The People Concern, whose clients are homeless or in danger of becoming homeless. “We continue to pioneer innovative strategies to assist public-private partnerships in creating solutions to build and maintain housing in the United States, and we thank our partners for their dedication to this project, which will contribute 79 new homes to Los Angeles’ affordable housing stock,” said Frank Bravo, Managing Director at ATAX, which originated the transaction.
More on the Greystone Los Angeles Senior housing property
The present property, known colloquially as the “Hollywood Western Building,” was constructed in 1928 by Louis B. Mayer and Irving Thalberg and is now known as the Mayer Building. The building was designed in the Art Deco style and served as the original site of the Motion Picture Association of America, Central Casting. The building has historical value and is included on the City of Los Angeles Department of City Planning’s list of Historic-Cultural Monuments. The tax-exempt bonds will be partially redeemed at stabilization, no later than 30 months after the initial closure, and ATAX will provide US$18.1 million in permanent financing in the form of a 15-year term, 40-year amortized facility.
