Plans have been announced for the construction of Residency at the Entrepreneur. This is a 200-unit, low-cost senior housing in Hollywood, Los Angeles. The plans were revealed by New York developer Greystone.
The Residency at the Entrepreneur will reportedly be a modern structure. It will be accessible to seniors making between 30% and 80% of the regional median income. Additionally, 99 of the units will be leased to residents at risk of homelessness, and low-income families.
Overview of the Residency at the Entrepreneur and the project team
Greystone intends to develop the nine-story apartment complex at 1657 North Western Avenue. Occupying a half-acre parking lot site the project will be developed using US$ 72M tax-exempt and taxable mortgage revenue bonds. Upon completion, the Entrepreneur complex’s Residency will have a business center, a clubhouse, and a fitness center. Additionally, there will be a laundry room, a computer room, and office space.
ABS Properties and Kingdom Development are also involved in the project. The former is a Hollywood-based administrative general partner while the latter is a Riverside-based nonprofit organization. Columbia Pacific Advisors is the funder of the tax credit.
About the tax-exempt bonds
The tax-exempt bonds for the project will be partially returned at stabilization. No later than 36 months after the first close, and ATAX will offer up to $45 million in permanent financing. It will be in the form of a 15-year term, 40-year amortized facility.
Without crucial tax-exempt bond financing, this project would not be feasible. Bond financing enables affordable housing developers to make their efforts viable. In addition, it enables them to build housing to solve today’s affordability issues.