Business Finance

LA Downtown to Get a New Affordable Housing Building, Loan provided by JP Morgan Chase

LA Downtown to Get a New Affordable Housing Building, Loan provided by JP Morgan Chase

Los Angeles will soon get a new affordable housing building in Downtown. A vacant industrial storage facility will be converted into a 376-unit building. Thrive Living will be working on this construction program.

The program is supported by JPMorgan Chase and the units are said to be labeled affordable.

Thrive Living obtained entitlements for the 1457 North Main Street site last year, and work on a modern, six-story mixed-use apartment complex has just started. This development will contribute to the city of Los Angeles’s need for more workforce and reasonably priced housing.

To finish the Main Street project by December 2024, Thrive Living’s entity is receiving a $68.5 million construction loan from JPMorgan Chase through its Workforce Housing Solutions group.

The building will cater to residents with low and moderate incomes that have up to 80% of the Area Median Income (AMI) and can afford the rents for all 376 units in the building. Teachers, nurses, and other essential workers are a few examples of moderate-income residents whose housing expenses frequently exceed fifty percent of their income.

This is JPMorgan Chase’s first construction loan to a multifamily community with 100% rent and income restrictions for workforce housing.

The Main Street location of Thrive has an inventive, economical design strategy that lowers building costs without sacrificing quality. The construction and housing company aims to construct up to 5,000 affordable and workforce housing units annually in California alone.

The building will consist of a business center, exercise center, recreation room, and Amazon package room. The terrace of the building will have a landscaped roof deck with seating and a BBQ.

A short stroll from the Los Angeles Historic Park, numerous stores, eateries, and other neighborhood features is the transit-oriented property, which is close to public transportation. There will be EV charging stations and parking beneath the structure.

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