Laguna Senior Apartments

PROFILE

Laguna Senior Apartments provides 64 units of newly constructed senior housing to low-income and special needs residents.  Developed through the collaboration of two non-profit organizations, the property has been well received by residents and neighbors.  In addition, it is a stand-out architectural contributor to the revitalization of Los Angeles’ Silver Lake community and Sunset Junction commercial corridor.

DEVELOPMENT CHALLENGES

Prior to development, the site had been a vacant parcel for more than 20 years.   The unique topography of the site, located near two streets with a 25-foot grade change, presented design and construction challenges for the entire team.  Extensive zoning entitlements were required to allow construction of the property, which includes parcels in commercial and residential use zones.

SOLUTION

Veloce Partners created a complex financing plan that combined funds from the following sources: the City of Los Angeles Housing Department, the County of Los Angeles Community Development Commission; the California Department of Housing & Community Development; tax-exempt bond financing; a 4 percent low-income housing tax credit and equity investment; and a long-term Supportive Housing Initiative Act operating subsidy.  Construction was completed in May 2007, and in 2008 Laguna Senior Apartments was recognized by the HUD Secretary for its contribution to serving persons with HIV/AIDS in Los Angeles

For more information on this development, please visit: www.lagunasenior.com