SECURITY BUILDING LOFTS

CITY OF LOS ANGELES, CA
Community Redevelopment Agency
of the City of Los Angeles

LOCATION
510 S. Spring Street
Los Angeles, California

PROJECT SIZE
153 units on .30 acres (13,175 s.f.), averaging
510 units per acre

PROJECT CONCEPT
Urban Pacific Builders, LLC in a public/private partnership with the City of Los Angeles Community Redevelopment Agency is developing a high-density urban-infill site in the downtown historic core area of the city. The project is a full adaptive-reuse of an existing 1911 building to contain 153-units of market rate and family affordable housing. This area provides a perfect opportunity for UPB to develop a mixed income affordable housing community to serve the needs of low-income and market rate tenants in the community.

Current Status:	Under Construction
Target Completion Date:	September '05
Architect:	Birba Group Architects, Los Angeles, California
Financial Status:	This project utilized a sophisticated mix of financing methods including 1) A $19 million Tax-Exempt Bond through the California Debt Limit Allocation Committee, issued by the CRA of the City of Los Angeles, 2) 4% Tax Credit Equity through the California Tax Credit Allocation Committee, 3) Historic Rehabilitation Tax Credits through the National Park Service, and 4) $4 million through the Downtown Rebound Loan Program with the California State Department of Housing and Community Development.
Source of Project Financing:	Simpson Housing Solutions, LLC Jeffrey Butcher, Director of Acquisitions 320 Golden Shore, Suite 200 Long Beach, CA 90802 562.256.2083 562.256.2004 Fax
Project Cost:	$25,000,000