Housing Diversity has secured $34.2 million in financing for a nearly completed, 147-unit “micro apartment” complex in Downtown Los Angeles. The Seattle-based developer landed the loan to complete the eight-story Vida DTLA at 1317 South Grand Avenue, in South Park, the Commercial Observer reported. The apartments are set to open March 28.
The company announced it received a $22.6 million loan from United Way of Greater L.A. and a $11.6 million equity investment through Pinnacle Partners for sponsor OZ Navigator, a partnership between Housing Diversity and Nitze-Stagen, based in Seattle.