2111 Firestone in Los Angeles

KeyBank Provides $46.4 Million to Build Affordable Community in Los Angeles

by Channing Hamilton

LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, an affordable community in the Watts neighborhood of Los Angeles. KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the project. Kortney Brown and Ted Witt structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. 

2111 Firestone comprises 85 apartments across six stories. Units come in one- and two-bedroom floor plans. Of the total unit count, 42 will be designated for individuals exiting homelessness and earning at or below 30 percent of the area median income (AMI) and 41 apartments will be restricted to households earning no more than 50 percent of AMI. The last two apartments will be manager units.

The development team includes The Prime Co., Domus Development and Kingdom Development. Housing Works will provide supportive services for residents, including intensive case management, mental health, addiction/recovery, employment and/or benefits advocacy, assistance in strengthening independent living skills and buildings comprehensive natural social support systems.

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