A $10.6 million construction loan closed today for a new affordable housing development in Studio City that will bring 51 rental units to a neighborhood where market-rate rents have surged and inventory has dried up.
Parkview Financial closed a $10.6 million construction loan for a 51-unit affordable housing development at 12750 Moorpark Street in Studio City, with completion expected in March 2028.
A $10.6 million construction loan closed today for a new affordable housing development in Studio City that will bring 51 rental units to a neighborhood where market-rate rents have surged and inventory has dried up.
The project at 12750 Moorpark Street is being financed by Parkview Financial, an alternative investment firm that specializes in commercial real estate credit. The five-story building will offer a mix of studio, one-bedroom, and three-bedroom apartments for workforce tenants. Completion is expected in March 2028.
"Parkview is proud to support local communities through the development of affordable housing in supply-constrained submarkets like Studio City," said Paul Rahimian, CEO and Founder of Parkview Financial. "We are seeing a growing opportunity in affordable housing, particularly in areas like Los Angeles, where a supportive policy environment and strong underlying demand are helping create a more scalable and attractive investment landscape."
Studio City sits near Ventura Boulevard and the Shops at Sportsmen's Lodge, two of the San Fernando Valley's busiest commercial corridors. The area's proximity to major entertainment employers including Universal, Warner Bros., and Disney has driven strong residential demand and premium market-rate rents.
According to the press release from Parkview Financial, fully affordable developments in Studio City have historically been difficult to finance compared to market-rate projects. The Moorpark Street development is described as a rare addition to the neighborhood's housing stock.
Fifty of the 51 units will be restricted to low-income and working-class residents. One unit will remain at market rate.
The project is approved under Executive Directive 1 (ED1), a Los Angeles housing policy designed to fast-track the processing of fully affordable housing projects. Under ED1, the city streamlines environmental review, reduces discretionary entitlements, and accelerates permitting for developments that are 100% affordable.
The policy has become a cornerstone of Mayor Karen Bass's housing production strategy. Bass has pointed to the fast-tracking of scores of affordable housing projects as one of her key achievements during her first term, as she faces a competitive reelection field in the June 2 primary.
The development comes as Los Angeles continues to grapple with a severe housing shortage. According to a May 2026 report from United Neighborhoods for Los Angeles (UN4LA), the county has approved $102 million to build 566 new affordable units under Measure A, a half-cent sales tax voters approved in 2024. The report noted that results have been mixed, with the number of people falling into homelessness increasing even as unsheltered counts have decreased.
Parkview Financial said it has executed more than $4 billion in short-term bridge and construction lending across 200 loans since its founding in 2009. The firm is headquartered in Los Angeles with additional offices in New York and Las Vegas.
Construction timelines for the Studio City project have not been disclosed beyond the expected completion date of March 2028. The developer has not been publicly identified.
This story was reported from a Globe Newswire press release issued by Parkview Financial on May 26, 2026.
This article was generated with AI assistance.