Funding will Cover the Cost of Construction of 3 New Affordable Housing Developments: Brine Residential, McDaniel House, and NoHo 5050
Los Angeles, CA (November 3, 2021) — Decro, an affordable housing developer with a 25-year track record of successfully transforming lives, has secured $110M in investment capital to create permanent supportive and affordable housing for Los Angeles residents in 3 developments – Brine Residential, McDaniel House, and NoHo 5050.
“Decro has achieved this milestone by leveraging public financing such as Proposition HHH and No Place Like Home funds along with raising private debt as well as equity from syndicating federal and state low-income housing tax credits,” commented Decro CEO, Ted M. Handel. “Housing alone will not ensure a successful transition to permanent housing. Availability of supportive services within these projects is essential. For that reason, Decro is proud to partner with VIP Community Mental Health Center at Brine Residential, The People Concern at McDaniel House, and Downtown Women’s Center at NoHo 5050 to provide residents with ready access to case management and other on-site resources.”
Brine Residential, a 97-unit affordable housing project, is a key element of The Brine, a 97,000 square foot campus enabling Decro to provide Lincoln Heights residents with access to housing, healthy foods, healthcare, and childcare. Located on the site of the former A-1 Eastern Homemade Pickle Company, Brine Residential includes community space, case management offices, and other resident amenities. Total development costs of $61.6 million are financed by Proposition HHH and No Place Like Home funds, both construction and permanent loans from Citibank, N.A., and low-income housing tax credit equity contributed by Red Stone Equity Partners.
McDaniel House, a 47-unit project jointly developed by Decro, Daylight Community Development, and Angelino Supportive Housing Partners in Koreatown, is using modular construction to deliver housing more quickly and at a lower per unit cost. Named for Hattie McDaniel, the late actress who was the first African American woman to win an Oscar for Best Actress, advocate, and Koreatown resident, the project will provide community space and case management offices. Total development costs of $23.9 million are financed by Proposition HHH, construction and permanent loans from Citibank, N.A., and low-income housing tax credit equity contributed by R4 Capital.
NoHo 5050, a 40-unit project in North Hollywood, is being built in partnership with Daylight Community Development. Like Brine Residential and McDaniel House, residents will have access to community space and case managers. Total development costs of $24 million are financed by Proposition HHH and No Place Like Home funds, construction, and permanent loans from KeyBank, N.A., federal low-income housing tax credit equity contributed by Red Stone Equity Partners and California low-income housing tax credit equity provided by Sugar Creek Capital.
Decro is currently developing three additional projects – Firmin Court, Watts Works, and 11604 Vanowen – all under construction, totaling 138 units with a fourth, 46-unit Oatsie’s Place, about to begin construction.
About The Decro Group
Founded in 1989, Decro is a nonprofit, tax-exempt affordable housing developer based in Culver City, California. Decro is currently the owner of 1,063 affordable housing units located in California and Florida in its portfolio.
For more information, please contact:
Ilana Gale / Darren Gold
The Rose Group