JPMorgan Provides Its First-Ever Construction Loan on 100% Workforce
Thrive Living, with the support of JPMorgan Chase, will develop a new 376-unit affordable and workforce housing community in Los Angeles, financed solely with private capital. JPMorgan Chase, through its Workforce Housing Solutions group, is providing a $68.5-million construction loan for the project, to be developed at 1457 N. Main St. on the site of a former industrial storage facility.
For JPMorgan Chase, the project represents its first construction loan to a 100% rent- and income-restricted workforce housing multifamily community. “This fully rent-restricted Main Street project fills a significant gap between affordable housing for low- income families funded with LIHTC and unrestricted market-rate housing,” said Lionel Lynch, director of the Community Development Banking Workforce Housing Solutions Group at JPMorgan Chase.
Slated for completion in December 2024, the project aligns with Thrive Living’s mission to acquire and redevelop strategically located sites in urban markets with significant housing affordability gaps.
“Our non-subsidized financing model enables us to make a bigger impact and move faster to build more affordably priced housing without concern for ceilings imposed by limited tax credits,” said principal Zak Tendle with Thrive’s Los Angeles office.