LA County approved a $3 million loan to Abbey Road for a 64-unit affordable housing project in North Hills, part of the developer's ongoing expansion in the San Fernando Valley.
he Los Angeles County Board of Supervisors approved a $3 million loan on April 8 to support Abbey Road's development of The Main Apartments, a 64-unit affordable housing project in the North Hills neighborhood of the San Fernando Valley.
Located at 15302 Rayen Street near Sepulveda Boulevard, the four-story complex will offer studio, one-, two- and three-bedroom units, with some reserved for renters earning up to 30 percent of the area median income, according to The Real Deal.
The county's contribution will be combined with $56 million from other sources to meet the project's $59 million budget, according to The Real Deal.
Designed by AC Martin and built by Walton Construction Services, the building will feature a 43-car garage, community and multipurpose rooms, a fitness center and outdoor decks. Penny Lane Centers will provide on-site services, according to The Real Deal.
Abbey Road, named for the Beatles album with the same title, is also developing The Rigby apartments nearby, continuing its expansion in the area, according to The Real Deal.
The company has a history of loans from the county. In 2019, it was among a batch of developers to receive funds for the 103-unit Sun Commons project in the Valley, as well as an 80-unit project in Lancaster, according to The Real Deal.
Other recipients included the Cesar Chavez Foundation and Bridge Housing, according to The Real Deal.
Abbey Road was founded in 2009 as a nonprofit developer focused on the L.A. market. Penny Lane Centers, another nonprofit that helps people transition out of homelessness, has a presence at all Abbey Road projects, according to The Real Deal.
The missions of both organizations are parallel, and some personnel at Abbey Road also have key positions at Penny Lane Centers, the developer says on its website, according to The Real Deal.
Maura Johnson serves as director of housing for both organizations. Jonathan Dilworth, chairman of Abbey Road, is a principal at C&D Partners, a developer of single-family and multifamily infill projects in the L.A. market, according to The Real Deal.
The Valley remains a hotbed for apartments, both as development projects and acquisitions. Last year, Material Comforts in Miami paid $85 million for a portfolio of 16 multifamily properties in the region with a total of nearly 600 units, according to The Real Deal.
This article was generated with AI assistance.