$28 Million Loan Secured for West Los Angeles Apartment Development Amid Housing Challenges

Priority Capital Advisory has successfully arranged a $28 million senior debt loan for the development of a 92-unit apartment property located at 8931-8945 Helms Place in West Los Angeles. The financing was secured on behalf of CityPads, a private equity fund manager and multifamily developer with operations based in Chicago and Los Angeles. Zachary Streit, Founder and President of Priority Capital Advisory, brokered the loan alongside Lucas Borges of JLL, marking a significant transaction in a challenging development environment.

The project's advancement is particularly noteworthy given current market conditions. Streit emphasized that very few market rate projects are breaking ground in Los Angeles due to Measure ULA, making this development exceptional due to its trophy Culver City-adjacent location and affordable price point. The property's strategic positioning directly adjacent to Culver City, one of Los Angeles' most under-supplied multifamily submarkets, creates a rare development opportunity in a highly sought-after location. The surrounding area was recently rezoned for mixed-use and multifamily development at the end of 2021, further enhancing the project's viability.

The development will feature a carefully planned unit mix consisting of 38 studio units with 33 market rate and 5 affordable units, 53 one-bedroom units with 47 market rate and 6 affordable units, and one affordable three-bedroom unit. Building amenities will include coworking space and lounge, private patios, on-site parking, 9- to 10-foot-high ceilings, abundant natural light, and a fully built-out roof deck with 360-degree views. The property aims to offer residents a high-quality, amenitized rental option at monthly rents lower than competitive new supply in the West Los Angeles and Culver City market.

Sandy Albert, Principal and Managing Partner at CityPads, expressed enthusiasm about bringing much-needed affordable and market rate housing to West Los Angeles. The vision focuses on creating walkable, amenity-rich housing near transit and proximate to major employers including Apple, Amazon, and Sony. The property's location provides exceptional accessibility, with attractions such as the Helms Bakery District, Culver City Arts District, Ivy Station, The Platform, Downtown Culver City, and South Robertson Boulevard all within a 15-minute walk. The transit-oriented neighborhood offers light rail, rapid transit bus, and bike lines easily accessible from the property.

With the loan now in place, construction has commenced with completion anticipated for late 2026. Andy Ahitow, Principal and Managing Partner at CityPads, revealed that this project represents just the beginning of their Los Angeles expansion, with plans to start construction on another 144-unit project across the street from Helms and additional deals in West Los Angeles and across the city in the pipeline. The company also has a new fund in development, signaling continued investment in addressing the region's housing needs. Since its inception just over a year ago, Priority Capital Advisory has closed more than $580 million in debt financing across 25 transactions, establishing itself as a reliable partner for sophisticated sponsors in challenging capital markets.