Enterprise Community Loan Fund is providing a $7.8 million acquisitions bridge loan to Meta Housing Corporation for the aquisition of a 1.1 acre site in Hollywood, CA.
The location will provide more than 100 affordable housing units to seniors with low incomes and include 6,000 square feet of retail space for local merchants. Meta Housing will also develop the five-story building to be LEED Silver compliant.
“This is a remarkable location, close to transportation, grocery stores and other needed services that will enhance the quality of life for the seniors who will soon call this property home,” said Jeff Schaffer, vice president and Southern California market leader, Enterprise Community Partners. “We are excited that through Enterprise’s New Generation Fund, we will be able to help some of our most vulnerable citizens. We look forward to making more investments like this through the Fund.”
The deal with Meta Housing is the first transaction for Enterprise’s New Generation Fund, which is a $75 million revolving loan facility with $62 million available to nonprofit and for-profit affordable housing developers in Los Angeles.
Launched in 2008, the fund has invested $32.2 million within the city limits and is either helping to preserve or create nearly 700 affordable apartments. Qualified nonprofit developers can request up to 120 percent of loan-to-value (LTV) and mission-based for profit companies, like Meta Housing Corp., can request up to 95 percent LTV.
‘New opportunities for active living in the larger community’ is how we like to describe our senior housing, and the 5555 Hollywood location will allow for seniors as well as other neighbors to really enjoy renewed investment in the area and access to our great public transportation system,” said John M. Huskey, president, Meta Housing Corporation.