L.A.’s Biggest Apartment Project Since 2008 Under Way
- Jun 03, 2012
J.H. Snyder Co. broke ground late last month on a $200 million multi-family rental project that is the largest of its kind in Los Angeles since the recession began in earnest four years ago. Dubbed the Vermont, the property will encompass 464 rental units in 29-story and 23-story residential towers. In addition, the project will feature 40,000 square feet of ground floor space and 12,000 square feet of public space on Wilshire Blvd..
Jerry Snyder, a senior partner of the company., termed the Vermont “a significant, job-creating project . . . at a time when new construction activity of this scale is rare.” Snyder and partners Michael Wise and Lew Geyser assembled a complex financing package that includes lead equity investor Washington Capital Management, which manages retirement funds for Washington state workers.
Other elements of the financing package include a construction loan from JP Morgan; a mezzanine loan from Bentall Kennedy; a $12.5 million loan from the U.S. Department of Housing and Urban Development; a $5 million loan from the Los Angeles Community Redevelopment Agency; and equity contributed by the partnership.
J.H. Snyder is planning a 2014 completion date for the project, which will be a candidate for LEED certification. The developers will contribute $1 million toward a local community center as well as funding 95 affordable housing units in Koreatown.
For a more about the Vermont, check out this CPE story.