Rose Community Capital is pleased to announce the recent refinance of Normandie Lofts in Los Angeles, CA. The subject property is located in an area known as “Koreatown” or “Wilshire Center” (also historically known as “Mid-Wilshire”). Normandie Lofts includes 50 market rate/workforce housing units. 25 units will be set-aside for the homeless population within the City of Los Angeles Central Case Management System who receive services and rental subsidy from The People Concern, one of LA’s largest social services agencies. The remaining 25 units will be income restricted to persons earning 120% of AMI or less, which is part of the City of Los Angeles’s plan to preserve Naturally Occurring Affordable Housing (NOAH). In addition, there will be a LURA from the City of Los Angeles requiring a set-aside of 20% of the units at 50% AMI or less in satisfaction of the minimum requirements for the affordable housing MIP. The Borrower is making improvements to the exteriors, common spaces, elevator, and laundry room to improve valuable space used by the tenants daily.

Location: Los Angeles, CA
Type of Loan: Bridge Loan
Loan Amount: $7,680,900