Northmarq’s arranges $9.4M construction-to-permanent financing for 37-unit affordable housing community in South Los Angeles
LOS ANGELES (June 2, 2026) —Northmarq’s Los Angeles Debt + Equity team, led by Juda Penini, arranged $9.4 million in construction-to-permanent financing for a 37-unit, 100% affordable housing community at 5637 S. Broadway in South Los Angeles.
Northmarq structured a single-close, construction-to-permanent loan at 80% loan-to-cost with a 40-year fixed amortization on behalf of Eleos Ventures.
“Our mandate was to structure the most efficient long-term capital available to the sponsor, and the result is an execution rarely seen in the private market outside of government-insured affordable housing programs,” said Penini. “An 80% loan-to-cost, single close construction-to-permanent loan with a 40-year amortization gave the sponsor institutional-grade leverage and certainty, and a capital structure built to support the asset through its full life cycle.”
The community will deliver 37 income-restricted units for households priced out of the surrounding South Los Angeles market. The project also drew a supporting investment from Health Net as part of a broader effort to connect housing stability with community health outcomes, reflecting a growing emphasis on cross-sector collaboration in affordable housing.
The South Los Angeles submarket has seen a surge in new multifamily construction over the past decade yet demand for housing continues to outpace supply.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
