BLVD MRKT Food Hall to Spur Economic Development in Downtown Montebello
The project is expected to complete construction in summer 2020.
We are proud to have closed a $1.7 million construction loan for the redevelopment of a blighted commercial property into an artisan food hall and small business incubator in Montebello. The Project contributes to the revival of Montebello's downtown area and is sponsored by Gentefy, Inc., a small business development firm based in Montebello. The Project repurposes an existing brick structure and features shipping containers oriented around an open courtyard for dining patrons. Tenant businesses range from startups who will receive business coaching, to food truck operators, to seasoned restaurant owners. The project is expected to complete construction by summer 2020 and catalyze additional economic development in downtown Montebello. Genesis LA worked with the California FreshWorks Fund, which provided a portion of the financing for this project.
Children's Institute Breaks Ground on  Landmark Campus in Watts
Architectural designs by Frank Gehry
Genesis LA provided $11.6 million in NMTC financing to Children's Institute, Inc. (CII), for the development of a 20,000 SF state of the art service facility in Watts. CII is the one of the largest agencies of its kind working to transform the lives of children exposed to adversity and poverty in Los Angeles, serving more than 28,000 children and families annually. The new facility enables CII to consolidate field offices in Watts and Compton into their new facility while improving client access to the CII's full breadth of programs and services.
 
CII's flagship programs include its Individualized Transition Skills Program which supports youth from ages 16 to 21 as they transition from foster care to becoming productive and self-sufficient adults; Project Fatherhood which  provides support, therapy, job readiness training, and parenting education to fathers and father figures of at-risk children; and its Reach Team which supports children exposed to gun violence. Genesis LA worked with Los Angeles Development Fund and Wells Fargo to provide the NMTC financing.
Predevelopment Financing for  Corazon del Valle in Panorama City
The project utilizes Los Angeles County-owned land at 14545 Lanark Street
Genesis LA has closed on $1.5 million in predevelopment financing to developer Clifford Beers Housing for phase one of a unique affordable housing development in Panorama City for low-income households and individuals experiencing homelessness. The Corazon del Valle project is approximately 130,000 SF and will include 180 units of affordable housing including 90 permanent supportive housing units. Support services such as case management, mental health services and life skills will be provided on-site. The project has an innovative design featuring an elevated open space courtyard. Phase two of the Project includes ground floor retail, community rooms and office space uses. The Project is expected to begin construction in early 2022.
Charles Drew University Set to Expand 

 

 
AIDS Project Los Angeles will operate the community health clinic.

Genesis LA provided $9.7 million in NMTC financing to  Charles R. Drew University of Medicine and Science  (CDU), to finance improvements to their campus that include 10,000 SF of medical office, 10,615 SF student center, and 44,000 SF renovation of the campus main entrance. CDU is designated as a Minority-serving Institution and Historically Black Graduate Institution located near the MLK hospital campus in unincorporated Willowbrook, near Watts.

The Project helps CDU develop its campus assets to expand the campus ' physical capacity to grow student enrollment while also addressing healthcare needs in the community. The medical office building will house a community health clinic operated by AIDS Project Los Angeles, whose comprehensive care services include primary care, behavioral health services, HIV education and prevention, and insurance enrollment. Genesis LA worked with U.S. Bank to provide the NMTC financing.

Bungalow Gardens Continues Genesis LA's Innovative Housing Investments 

 

This month, Genesis LA closed a $920,000 construction loan to developer Restore Neighborhoods LA for an 8-unit permanent supportive housing development in South Los Angeles. The Project will be built on vacant, underutilized land and will help to improve the character of the surrounding community. Each of the tenants housed at the Project will receive a wide range of supportive services, such as counseling, addiction treatment, and job training and placement services. This is the second Project to break ground that is aligned with our RETHINK Housing program, which redevelops small infill sites for affordable and supportive housing; uses by-right land use incentives; leverages new private capital; and reduces total development costs per unit. The Project is expected to complete construction by early 2021.
STAY CONNECTED: