LOS ANGELES, CALIF. — Priority Capital Advisory has arranged a $28 million loan on behalf of CityPads, a private equity fund manager and developer with operations based in Chicago and Los Angeles. The senior debt financing is for the development of a 92-unit property in West Los Angeles. Zachary Streit of Priority Capital Advisory brokered the loan along with Lucas Borges of JLL. CityPads has begun construction, and completion is slated for 2026.
The property’s unit mix will consist of 38 studios (33 market rate, five affordable), 53 one-bedroom units (47 market rate, six affordable) and one affordable three-bedroom unit. Rent caps were not disclosed. Amenities include coworking space and lounges, on-site parking and a roof deck.
This is CityPads’ first Los Angeles project. The developer also is planning to build a 144-unit community across the street from the Helms Place project. The surrounding area, which is adjacent to Culver City, was rezoned for mixed-use and multifamily development at the end of 2021.