$3.15M CDFI Land Loan for an Entitled 70-Unit Affordable Site on Crenshaw Boulevard

Few $3,150,000 land loans come with a paper trail this complete. Capital Impact Partners, a national community development financial institution, recorded a $3,150,000 deed of trust on the two-parcel site at 1047 Crenshaw Boulevard on June 15, 2026, eleven days after the site traded for $3,500,000. The loan, executed June 11 and crossed against the adjacent parcel, equals 90 percent of the recorded purchase price. The borrower is CCEDC 1047 Crenshaw, LLC, a California LLC registered in January 2025.

The site's development file is public from entitlement to tax credit award. Los Angeles City Planning approved a Transit Oriented Communities density bonus for the site in case DIR-2022-9089-TOC-VHCA, originally a seven-story, 60-unit building with reduced parking; a neighbor's appeal was rejected and the approval upheld by the City Council on September 19, 2023, under Council File 23-0667. Two years later the project surfaced in state records under its working name, Crenshaw Square Apartments: a December 10, 2025 California Tax Credit Allocation Committee staff report, CA-25-684, reserved 4 percent federal low income housing tax credits for a 70-unit new-construction building at this address with 69 income-restricted units and a total development cost of $37,608,627. The development team named in the CTCAC report is a joint venture between a California nonprofit public benefit corporation and for-profit development partners. How the plan grew from the entitled 60 units to the awarded 70 is not resolved in the retrievable planning file, so this page does not assert the entitlement path of the current iteration, only the approvals of record.

The dirt itself is 0.34 acres across the two parcels, zoned LAC2, carrying a 1,734 square foot structure dating to 1921 per county records. The parcel's recorded debt history reaches back to 1988 and tracks its prior life as small commercial property: Guardian S&L at $125,000 in 1988, Wilshire State Bank at $500,000 in 2008, Wilshire Bank at $418,000 in 2014. Then the scale changes. Preferred Bank recorded a $12,400,000 deed of trust in 2021 and modified it in 2024, all under the prior ownership, before the June 2026 sale reset the capital stack with mission money at the bottom.

Capital Impact Partners is a congressionally chartered nonprofit headquartered in Arlington, Virginia, and a Treasury-certified CDFI, part of the Momentus Capital family, with more than $3.0 billion disbursed since 1982 across affordable housing, community health centers, education facilities, and community real estate. This is its first closing in LoanList's tracked record, and its program focus matches the collateral exactly: acquisition financing on an affordable housing development site.

Within LoanList's 57 tracked Los Angeles closings the loan ranks smallest by amount, and it is one of three tracked land deals. The other two are a $9,975,000 Bell Gardens land loan from Colorado Federal Savings and a $12,500,000 bridge loan on a Beverly Hills development site from New Day Commercial Capital. This is the only tracked Los Angeles land closing from a mission lender, and it looks different in structure too: 90 percent of purchase price on entitled dirt, written after the tax credit reservation was already in hand.

For sponsors holding an entitled affordable site, the record here is a concrete data point. A national CDFI funded 90 percent of a land acquisition where the entitlement and the LIHTC reservation were documented before closing. Owners working toward a tax credit closing on an entitled site are financing a different risk than raw land speculation, and this record names a lender that funded it.