We congratulate our client Alliant Strategic Development (ASD) on its March 30 closing on financing for the acquisition and construction of two mixed-income, multifamily housing projects in Los Angeles’ San Fernando Valley. Sync on Canoga will offer 220 one-bedroom apartments, and Pendant on Topanga will offer 149 studio, one- and two-bedroom apartment homes. Total development cost for the two projects is approximately $164 million.
The Sync and Pendant projects are the first of four projects under development by ASD that will add more than 700 housing units to the San Fernando Valley. The buildings, slated for completion in 2025, will set aside 20% of the units for households making as little as 30% of the AMI. The remainder of the units are targeted for the “missing middle” income households.
Financing for the projects includes state-agency-issued, tax-exempt bonds, and each is being developed on a site in a Qualified Opportunity Zone, which offer investors capital gains tax incentives to invest in any of thousands of low-income communities and certain neighboring areas designated by census tract.
ASD is a real estate development and investment firm focused on developing mixed-income, market rate, and affordable apartments in a socially conscious manner.
The Stoel Rives deal team was led by partners Joe McCarthy and Sallie Lin and included Shelsea Voigt, Celeste Ajayi, and Melissa Roberts.
For more information on the project, see this article in Urban Land Magazine.