Abode Communities has opened Adams Terrace, an 84-unit age-restricted and fully affordable community in Los Angeles.
According to Yardi Matrix data, financing for the development included:
- a $33.7 million bond loan from U.S. Bank
- a $12.9 million construction loan originated by City of Los Angeles
- a $2.6 million construction loan from Abode Communities
- Federal and State Low Income Tax Credit Equity in partnership with Enterprise Community Partners
- Residual receipts loan from Los Angeles County Development Authority
- Project-based Section 8 operating subsidy from Housing Authority of the City of Los Angeles
- Multifamily Housing Program from California State Department of Housing & Community Development
City of Los Angeles HHH funds financed approximately 16 percent of the costs for the housing community. Abode Communities is also providing design and architectural services for a 63-unit, senior affordable housing in Los Angeles. The development is supported with funds from the city’s $40 million Innovation Challenge.
Adams Terrace is designated for seniors who previously experienced homelessness. The community offers supportive services such as health and wellness programs, meal support, transportation, financial literacy and planning workshops. St. Joseph Center will provide trauma-informed and life-saving supportive services.
The property encompasses two buildings with 43 supportive units and 41 affordable apartments. Common-area amenities include community centers, a rooftop lunge, landscaped courtyards, resident terraces, elevators and laundry facilities. The supportive center was proposed for LEED Green Building certification.
Adams Terrace is located at 4314 W. Adams Blvd., near Interstate 10. The property is in the West Adams neighborhood, within an Opportunity Zone. Residents have access to an abundance of dining options, retail centers and green areas nearby. Kaiser Permanente West Los Angeles Medical Center is within about 3 miles from the property.
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