Six Peak Capital Locks in Construction Loan, Breaks Ground on L.A. Affordable Housing Project

LOS ANGELES — Zachary Streit of Priority Capital Advisors has arranged a $31.3 million construction loan for Six Peak Capital to develop a 116-unit affordable housing community located at 9033 Ramsgate Ave. in the Westchester neighborhood of Los Angeles. The development is a Los Angeles Executive Directive 1 (ED1) project. ED1 projects provide affordable housing developers with leniencies such as increased density and building height, reduced parking requirements and an accelerated review and permitting process. Rent restrictions were not disclosed, but many ED1 projects include units with rents capped at 80 percent of area median income. With the loan in place, Six Peak Capital has now broken ground with completion slated for late 2027. Construction will be led by LV Construction LLC, Six Peak Capital’s affiliated construction company.