$9,400,000 Construction Financing Secured for Multifamily Property in Los Angeles, CA

Self-Help Ventures Fund provided $9.4 million in construction-to-permanent financing for a 37-unit, fully income-restricted housing community at 5637 S. Broadway in South Los Angeles, with the lender identified through title records. The single-close loan was structured at 80 percent loan-to-cost with a 40-year fixed amortization. Eleos Ventures is the sponsor.

The structure is the story here. A single-close construction-to-permanent execution at 80 percent of cost with a 40-year amortization is a package rarely available in the private market outside of government-insured programs like HUD 221(d)(4). The single close eliminates refinance risk at conversion, locks the permanent terms before the first shovel hits dirt, and carries the sponsor through lease-up without a second trip to the capital markets. The project also drew a supporting investment from Health Net, part of a broader push to link housing stability with community health outcomes.

South Los Angeles has added meaningful multifamily supply over the past decade, yet demand for income-restricted units continues to outpace what gets delivered. Mission-driven capital, including CDFIs and credit unions, has become an increasingly important source of construction leverage on affordable deals in the submarket, often at terms conventional banks will not match.