Orion Gardens Apartments

PROFILE

Orion Gardens provides 32 affordable units for families in the North Hills region of the San Fernando Valley in Los Angeles.  The development sits in a densely developed, multi-family neighborhood where its design sets a high-quality standard for the area.  On-site community space and social service programs enable residents to enjoy a supportive living environment.

DEVELOPMENT CHALLENGES

Construction began during a period of rapidly rising construction costs, requiring a complex financing plan and funding from many public agency programs.  The property is located on an infill parcel which demanded careful coordination during construction.  In addition, the site had to be designed and constructed to alleviate potential noise from a major freeway nearby.

SOLUTION

Veloce Partners implemented a complex financial plan that combined funds from both the City of Los Angeles Housing Department and Community Redevelopment Agency, along with conventional financing, and a 9 percent low-income housing tax credit and equity investment.  

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