August 13, 2024-Oakland, CA
Congratulations to Abode Communities on the financing closing for Central Avenue Apartments, a new construction housing project in Los Angeles affordable to households earning between 20% and 40% of area median income. The project contains 6 studios, 26 one-bedroom apartments, and 26 two-bedroom apartments, plus a manager’s unit. It includes 30 permanent supportive housing (PSH) units targeted toward transition-aged youth. Housing options like this lend stability to those aging out of the foster care system, providing them with a platform to pursue educational and career opportunities. Additional funding was provided by the City of Los Angeles and the California Department of Housing and Community Development’s Multifamily Housing and Infill Infrastructure Grant programs.
Merritt’s investment in Central Avenue Apartments was made possible by the team at Silicon Valley Bank, a division of First Citizens Bank, who provided a $29 million construction loan and $30.4 million upper-tier equity investment in the project. Our partnership with SVB continues a years-long history of our two organizations working together throughout California to invest in affordable housing options for those in the most need.
“Silicon Valley Bank, a division of First-Citizen’s Bank & Trust, is thrilled to be a part of Abode Communities’ Central Avenue Apartments in South Central Los Angeles. We are proud of the impact that our Bank’s nearly $29 million construction loan and $30 million investment will have on the families and formerly unhoused youth that will call Central Avenue Apartment’s’ 59 units, home,” said Fiona Hsu, Head of Community Development Finance, Silicon Valley Bank, a Division of First Citizens Bank
Central Avenue Apartments is Merritt’s first partnership with Abode Communities, a long-time leader in the design, development, and operation of affordable housing projects throughout Southern California. First founded by a volunteer group of design professionals with a mission of creating new affordable housing options through architectural innovation, the organization now has 55-year track record of serving communities in the Los Angeles area.
In a news release about Central Avenue Apartments, CEO and President of Abode Holly Benson shared, “It’s our goal to prevent families from falling into homelessness and ensure that young people exiting foster care have a high-quality place to call home and the supportive services needed to navigate a complex public system. I am so proud to bring these investments to South L.A., and provide a much-needed place for families and [transition age youth] to find their independence and achieve their personal goals.”
As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with mission-aligned developers like Abode to make the most impactful affordable housing projects possible, particularly those serving households with special needs.
Merritt Community Capital Corporation is proud to provide $30.4 million in tax credit equity capital for this project. Thank you as well to our financing partners at SVB, the City of Los Angeles, and the California Department of Housing and Community Development. The project is expected to complete construction in mid-2026.
Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.
About Merritt Community Capital Corporation
Merritt Community Capital Corporation is a nonprofit dedicated to our mission to provide equity capital for affordable housing exclusively to California. We do this by partnering with mission-aligned affordable housing developers throughout the state to ensure the most critical communities are developed and maintained for low-income residents. Since 1989, Merritt has created and/or preserved 11,100 affordable homes, through investing over $1.5 billion in 26 separate funds, providing housing for over 29,700 people.