Thrive Living has partnered with JPMorgan Chase (NYSE:JPM) on a new 376-unit affordable and workforce housing community on the site of a former industrial storage facility north of Downtown Los Angeles.
A new six-story mixed-use apartment complex is now under construction, and rents for all of the units will be attainable for low- and moderate- income residents earning up to 80% Area Median Income.
JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to an entity controlled by Thrive Living, which anticipates completing the project by December 2024. This is JPMorgan Chase’s first construction loan to a 100% rent- and income-restricted workforce housing multifamily community.
“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, principal with Thrive Living’s Los Angeles office. “We are so appreciative of the opportunity to work with the team at JPMorgan Chase and bring this important housing project to life in Los Angeles, where quality housing that is affordable to residents is in such short supply.”
“JPMorgan Chase is a leader in providing debt for low-income housing tax credit (LIHTC) affordable housing projects. Our Workforce Housing Solutions group expands our financing offerings to include workforce and mixed-income projects with restricted rents,” said Lionel Lynch, director of the community development banking workforce housing solutions group at JPMorgan Chase. “This fully rent-restricted Main Street project fills a significant gap between affordable housing for low- income families funded with LIHTC and unrestricted market-rate housing, providing safe and stable housing with attainable rents in high quality new construction with vibrant community amenities.”
Thrive Living is a privately-owned company positioned to invest more than $1 billion in workforce housing in California over the next two years. The company is an affiliate of Magnum Real Estate Group, a vertically integrated real estate company which has developed $5.5 billion of real estate.
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