Seattle-based O.Z. Navigator, a partnership between Nitze-Stagen and Housing Diversity Corp., has secured a $29 million loan for a new development in Downtown Los Angeles that broke ground this week.
Located at 1317 S. Grand Ave., the project includes 147 apartments and participates in Los Angeles’ Transit Oriented Communities Incentives Program with 130 affordably priced apartments and 17 extremely low income rent-restricted apartments. All are studios, with the average size being 328 square feet.
Construction is set to begin in April.
Seattle-based Housing Diversity Corp. has additional projects in Downtown L.A., Hollywood and Koreatown.