$28 Million Loan Secured for West Los Angeles Apartment Development Amid Housing Challenges
Priority Capital Advisory arranged $28 million in financing for a 92-unit apartment project in West Los Angeles, representing a rare market-rate development moving forward despite Measure ULA challenges while addressing the region's housing shortage.
Priority Capital Advisory has arranged a $28 million loan for the development of a 92-unit apartment property at 8931-8945 Helms Place in West Los Angeles. The senior debt financing was secured on behalf of CityPads, a private equity fund manager and multifamily developer with operations in Chicago and Los Angeles. Zachary Streit, Founder and President of Priority Capital Advisory, brokered the loan alongside Lucas Borges of JLL.
The project's advancement is particularly significant given current market conditions. "Very few market rate projects are breaking ground in Los Angeles due to Measure ULA, but this project is incredibly special given its trophy Culver City-adjacent location and affordable price point," said Streit. The development represents CityPads' inaugural project in the greater Los Angeles area, with construction already underway and completion anticipated for late 2026.
The property will feature a mix of 38 studio units (33 market rate, 5 affordable), 53 one-bedroom units (47 market rate, 6 affordable), 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 development aims to provide high-quality, amenitized rental options at monthly rents lower than competitive new supply in the West Los Angeles/Culver City market.
Sandy Albert, Principal & Managing Partner at CityPads, emphasized the project's strategic importance: "We're thrilled to be able to bring much-needed affordable and market rate housing to West L.A. The vision is to create an incredible housing option for people that is walkable, amenity-rich, near transit, and proximate to so many great jobs and employers such as Apple, Amazon, and Sony." The property's location directly adjacent to Culver City positions it in one of Los Angeles' most under-supplied multifamily submarkets.
The surrounding area's recent rezoning for mixed-use and multifamily development at the end of 2021 created a rare redevelopment opportunity in this highly sought-after location. The site offers walking access to world-class retail, dining, and shopping destinations including the Helms Bakery District, Culver City Arts District, Ivy Station, The Platform, Downtown Culver City, and South Robertson Boulevard. The transit-oriented neighborhood provides access to light rail, rapid transit bus, and bike lines, with proximity to major employers including Apple's new corporate campus, Amazon Studios, Sony Studios, Warner Bros. Discovery, and the Hayden Tract.
Andy Ahitow, Principal & Managing Partner at CityPads, revealed broader expansion plans: "We'll be starting construction on another 144-unit project across the street from Helms and we have more deals in West Los Angeles and across the city in the pipeline, as well as a new fund in the works." 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 capital source in challenging market conditions. For more information about their services, visit https://www.prioritycapitaladvisory.com.