New Closing – Sun King Apartments

June 30, 2021

Merritt provides $7.3 million in equity to Many Mansions to create 26 new units in Southern California as permanent supportive housing units for those experiencing homelessness.

New Closing – Sun King Apartments

Congratulations to Many Mansions on the financing closing for Sun King Apartments – which will bring 26 new units of affordable housing for families and households experiencing homelessness to Sun Valley in Los Angeles, CA.  Sun King will include wrap-around on-site supportive services provided by HousingWorks and the Los Angeles County Department of Health Services. In addition, the project was financed with the support of the Los Angeles Unified School District, which will partner with Many Mansions to provide housing at Sun King to households with LAUSD students.

The construction of Sun King is being financed through two critically important, voter-approved ballot initiatives: Proposition HHH, a $1.2 billion bond approved by voters in the City of Los Angeles in 2016, and the state’s Supportive Housing and Multifamily Housing programs, approved through statewide Proposition 1 in 2018. 

Merritt Community Capital Corporation is proud to provide $7.3 million in tax credit equity capital to this critically needed development in Southern California. Thank you as well to our financing partners at CIT Bank, California Department of Housing & Community Development, City of Los Angeles, County of Los Angeles, and Housing Authority of the City of Los Angeles.  Sun King is expected to complete construction in early 2023.

As California’s nonprofit housing tax credit syndicator, Merritt is dedicated to working with mission aligned developers to fill gaps in the market to make the most challenging affordable housing projects possible. Merritt was critical to providing equity for Sun King Apartments, helping the City of Los Angeles to address the homelessness crisis and further the goals of Proposition HHH, while providing Many Mansions with a partner committed to its needs and dedicated to its long-term nonprofit mission.

Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.



More News

Date Archive