Founder and President of Priority Capital Advisory, Zachary Streit, has secured a loan of $31.3 million for investment firm Six Peak Capital. The funding will back the construction of an affordable housing project in Los Angeles’ Westchester neighborhood.
Affordable Housing Project Benefits from ED1 Incentives in LA
The development of 9033 Ramsgate comes under the Executive Directive 1 (ED1) program of Los Angeles. The initiative allows the developers to use the State Density Bonus Law of California to build affordable housing.
The project qualifies for incentives such as increased building height, faster approvals and permitting, higher density limits, and reduced parking requirements.
“Since this was an ED1 project, Priority Capital Advisory needed to identify a lender who was comfortable with some of the nuances of getting an ED1 project financed, including a significant property tax abatement and a limited parking ratio,” said Streit.
“Despite these distinctions and some of the headwinds facing development in Los Angeles, this loan request attracted a significant number of bidders and we were able to deliver a successful and smooth closing,” he added.
With financing secured, construction on the project has officially begun, with completion expected by late 2027. The development will be built by LV Construction LLC, an affiliated company of Six Peak Capital.
Features and Amenities
The housing project in Ramsgate will have a mix of units for both singles and families. It will offer 15 studios (13%), 31 one-bedroom units (27%), and 70 two-bedroom units (60%). All units will be fully furnished, providing a move-in-ready experience for residents.
The half-acre site is conveniently located near the 405 Freeway and adjacent to Los Angeles International Airport (LAX), a major employment hub with roughly 59,000 workers. Hollywood Park, a 300-acre mixed-use development with SoFi Stadium, Kia Forum, Intuit Dome, and YouTube Theater, is a short drive away.
The property sits near major venues including Kia Forum, YouTube Theater, SoFi Stadium, and Intuit Dome, providing the local workforce with affordable, high-quality housing options.
“This loan and groundbreaking reflect Six Peak Capital’s continued expansion into the development of covenanted affordable housing in California,” said Chris Aiello, Partner with Six Peak Capital.
“Our focus is on creating sustainable communities that meet the urgent demand for affordable housing, while building lasting partnerships across the state. As we continue to scale our affordable housing portfolio, our firm is actively seeking partnerships with landowners across California to deploy its innovative housing strategies and deliver long-term affordability,” Aiello added.
Backed by Priority Capital Advisory and Six Peak Capital, the project will deliver long-term, high-quality housing for Los Angeles’ workforce, supporting local economic growth and community development.
