United Way, equity investors and crowdfunders put money into studio units with 265 SF. Housing Diversity has secured a $34.9 million loan for a nearly completed, 227-unit “micro apartment” complex in Downtown Los Angeles. The Seattle-based developer landed the loan to complete the eight-story Liv DTLA at 1411 South Flower Street, in South Park, the Commercial Observer reported. It replaced a vacant lot. The company announced it secured a $34.9 million loan from United Way of Greater L.A. and a $13.6 million equity investment from Arctaris Impact Investors, based in Boston. The financial injection comes two years after the project secured $41.1 million from Lument Real Estate Capital, based in Ohio. That adds to an original investment of $10 million raised for the building through crowdfunding platform Crowdstreet, plus $8 million of equity from high-net-worth individual investors, according to the Observer. The 96,400-square-foot building is 85 percent complete on more than a third-acre near the Pico Boulevard Metro station and the Los Angeles Convention Center.
