Priority Capital Advisory Secures $31.3 Million Loan for 116-Unit Affordable Housing Project in Los Angeles

Priority Capital Advisory has arranged a $31.3 million loan on behalf of Six Peak Capital for the development of a 116-unit affordable housing project located at 9033 Ramsgate in the Westchester neighborhood of Los Angeles. The senior debt financing supports a 100% affordable housing development that qualifies as a Los Angeles Executive Directive 1 project, enabling the developer to utilize California's State Density Bonus Law for substantial incentives including increased density, building height, reduced parking requirements and accelerated review processes.

Zachary Streit, Founder and President of Priority Capital Advisory, noted the unique challenges of financing an ED1 project, including significant property tax abatement and limited parking ratios. Despite these distinctions and development headwinds in Los Angeles, the loan request attracted numerous bidders, resulting in a successful closing. The property will feature a diverse unit mix designed to serve both individuals and families, comprising 15 studios, 31 one-bedroom units, and 70 two-bedroom units, all fully furnished to provide tenants with move-in-ready living experiences.

The strategic location offers significant advantages for workforce housing, situated on a one-half acre site convenient to the 405 Freeway and adjacent to Los Angeles International Airport, a major employment hub with approximately 59,000 workers. The property is also a 10-minute drive from Hollywood Park, a 300-acre mixed-use development featuring major venues such as SoFi Stadium, Kia Forum, Intuit Dome, and YouTube Theater. This positioning aims to provide local workers with high-quality, affordable housing options near their employment centers.

Chris Aiello, Partner with Six Peak Capital, emphasized that this financing reflects the firm's continued expansion into covenanted affordable housing development in California. The company focuses on creating sustainable communities that address urgent affordable housing demands while building lasting partnerships across the state. As Six Peak Capital scales its affordable housing portfolio, the firm actively seeks partnerships with landowners throughout California to deploy innovative housing strategies and ensure long-term affordability.

With financing secured, the project has broken ground with completion anticipated for late 2027. Construction will be led by LV Construction LLC, Six Peak Capital's affiliated construction company. Since its inception just over a year ago, Priority Capital Advisory has closed more than $550 million in debt financing across 24 transactions, establishing a reputation for delivering liquidity solutions in challenging capital markets. For more information about their services, visit https://www.prioritycapitaladvisory.com.