West Hollywood Community Housing Corp. has secured $11.7 million in forward permanent housing for Third Thyme, a 104-unit fully affordable and age-restricted housing development in Los Angeles. Representing the borrower, JLL Capital Markets secured the 15-year, fixed-rate loan through Freddie Mac, with servicing by JLL Real Estate Capital.
Designated for seniors aged 62 and over, earning between 50 and 60 percent of the area median income, Third Thyme will also comprise 47 units reserved for formerly homeless senior individuals.
Currently under construction, the $30 million project was financed with 9 percent LIHTC and public funds. In March, the Los Angeles County Board of Supervisors allocated an additional $1 million in Affordable Housing Trust Funds for the development of the supportive housing complex, supplementing the already secured $3 million, according to Urbanize Los Angeles.
Designed by 64North to achieve LEED Gold certification, the eight-story building will comprise one-bedroom apartments. Amenities are set to include a community room, a fitness center, a lounge, a computer room, a library, laundry facilities and outdoor open spaces.
Located in the Westlake North neighborhood at 1441 W. Third St., the development is within walking distance of the Santa Monica State Beach and the Santa Monica Pier. The site is near Interstate 10, which provides direct access to downtown Los Angeles.
JLL Senior Director Anson Snyder led the team working on behalf of the developer. Snyder was also instrumental in the refinancing of another Los Angeles affordable development in March.
