Curated News
By: NewsRamp Editorial Staff
October 09, 2025
$31.3M Loan Secured for 116-Unit LA Affordable Housing Project
TLDR
- Priority Capital Advisory secured a $31.3 million loan for Six Peak Capital's affordable housing project, demonstrating expertise in navigating complex ED1 financing to gain market advantage.
- The 116-unit project utilizes California's ED1 program for streamlined approvals and tax benefits, with construction by LV Construction LLC targeting late 2027 completion.
- This fully furnished affordable housing development near LAX provides quality homes for local workers, addressing California's housing crisis while building sustainable communities.
- The Westchester project features 15 studios, 31 one-bedroom, and 70 two-bedroom units near major employment hubs including SoFi Stadium and Hollywood Park.
Impact - Why it Matters
This development directly addresses California's severe affordable housing crisis by creating 116 fully furnished units near major employment centers like LAX and Hollywood Park. For workers struggling with Los Angeles' high housing costs, this project provides quality, move-in-ready housing options that are accessible and affordable. The successful financing demonstrates how public-private partnerships through programs like ED1 can overcome development barriers to create much-needed housing inventory. As California continues to face housing shortages that drive up costs and displace residents, projects like this show practical solutions are possible through innovative financing and strategic development approaches that benefit both communities and developers.
Summary
Zachary Streit, Founder and President of Priority Capital Advisory, has successfully arranged a substantial $31.3 million loan for Six Peak Capital, a Los Angeles-based real estate developer and investment firm. This senior debt financing will support the development of a crucial 116-unit affordable housing project located at 9033 Ramsgate in the Westchester neighborhood of Los Angeles. The project represents a significant step forward in addressing California's housing crisis through strategic development partnerships and innovative financing solutions that benefit both developers and the community.
The development qualifies as a Los Angeles Executive Directive 1 (ED1) project, which enables developers to utilize California's State Density Bonus Law to entitle affordable housing with substantial incentives. These include increased density allowances, building height flexibility, reduced parking requirements, and accelerated review and permitting processes specifically designed for 100% affordable housing projects. According to Streit, Priority Capital Advisory successfully navigated the unique challenges of ED1 financing, including significant property tax abatements and limited parking ratios, while attracting multiple competitive bids despite broader development headwinds in the Los Angeles market.
The property will feature a thoughtfully designed unit mix catering to both individuals and families, comprising 15 studios (13%), 31 one-bedroom units (27%), and 70 two-bedroom units (60%). All units will be fully furnished, providing tenants with a seamless, move-in-ready living experience. Strategically located on a half-acre site near the 405 Freeway and adjacent to Los Angeles International Airport (LAX), the development serves a major employment hub with approximately 59,000 workers. The property is also just a 10-minute drive from Hollywood Park, a massive 300-acre mixed-use development featuring major venues like SoFi Stadium, Kia Forum, Intuit Dome, and YouTube Theater, positioning it as an ideal housing solution for the local workforce.
Source Statement
This curated news summary relied on content disributed by citybiz. Read the original source here, $31.3M Loan Secured for 116-Unit LA Affordable Housing Project
