Northmarq secures $8M construction-to-permanent loan for two affordable housing communities in Los Angeles

Affordable housing communities
33 affordable housing unit facility

LOS ANGELES (Nov. 22, 2024) — Northmarq’s Juda Penini of the Los Angeles Debt + Equity team, successfully arranged the $8 million construction-to-permanent financing for two multifamily communities that will provide 33 affordable housing units in Los Angeles, California.

The two-property transaction was structured with a 7-year term and a 30-year amortization schedule. The proceeds funded during construction are 75% loan-to-cost.

“This project will provide quality housing, strengthen the community, and address the housing needs of underserved, low-income households in Southern California,” said Penini. “We were able to structure attractive pricing and leverage for the borrower.”

Construction on both communities is expected to be completed in 2026. The affordable housing units will be located in the Boyle Heights and Westlake North neighborhoods. 
 

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About Northmarq 
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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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