Echo Park, Los Angeles, September 22, 2025
News Summary
A Los Angeles developer closed a $46.6 million construction loan to build The Court Residences, a 189-unit workforce housing project in Echo Park targeted primarily at households earning up to 80% of AMI. The financing combines senior debt from a national bank community development division with mezzanine funds from a nonprofit capital intermediary and a municipal finance authority. The developer used private capital and density incentives to limit per-unit costs to about $247,000 and avoid certain public wage rules. Groundbreaking is complete and construction is underway, with rents expected roughly 30–40% below neighborhood market rates.
Visionary Developments closes $46.6 million construction loan for The Court Residences in Echo Park
A local developer has secured a $46.6 million construction finance package to build a 189-unit affordable housing project in Echo Park. The development, called The Court Residences, is the firm’s first foray into affordable multifamily housing and broke ground earlier this month.
Financing and structure
The construction loan is a mix of senior debt and mezzanine financing. Senior debt is provided by a major commercial bank’s community development banking division, while mezzanine capital comes from a community-focused lender and a municipal finance authority. The blended financing supports construction and related costs through buildout.
Project scale and affordability
The Court Residences will offer 189 apartments designated as workforce housing. Most units will be reserved for households earning up to 80% of the area median income (AMI). According to the developer, the project will set rents roughly 30% to 40% below current market-rate levels in Echo Park.
Cost efficiency and policy tools
At about $247,000 per unit, the developer describes the per-unit cost as competitive for Los Angeles affordable housing. The team credits several factors for keeping costs down:
- Streamlined approval and permitting processes under a city executive directive that encourages faster affordable housing approvals.
- Density benefits enabled by the city’s ED-1 program, which allows a taller, denser build than typical zoning.
- Use of private funding sources only, which the developer says avoids prevailing-wage requirements tied to some public subsidies.
Design, amenities and mission
The developer intends the building to avoid the look and feel of stereotypical subsidized housing by offering an innovative design and several community-oriented amenities. The project team emphasizes neighborhood integration and access to local shops, restaurants and public transit as part of its approach.
Developer profile and pipeline
The developer behind The Court Residences oversees a larger Los Angeles pipeline of nearly 940 units under development. This Echo Park project marks the company’s first affordable housing venture, with additional projects under review including a 33-unit site near the 101 Freeway and a 90-unit project at the eastern end of Sunset Boulevard. Across those projects the developer intends to reserve 80% of units for households at or below 80% AMI and the remaining 20% for households at or below 120% AMI.
Community context
Echo Park continues to see a mix of new multifamily projects, both market-rate and affordable. Local market figures show a relatively low multifamily vacancy rate and ongoing construction of new units. The decision to place workforce housing in a neighborhood with active amenities and transit access is intended to give residents proximity to jobs and services rather than concentrating affordable units in lower-rent areas.
Timeline and next steps
Groundbreaking on The Court Residences has already taken place. The developer is targeting additional starts across other sites later this year, subject to final approvals and construction schedules. Construction financing has closed, allowing vertical work and site preparation to move forward on the Echo Park lot.
Team and community impact
The project is led by the developer’s founder and a small family-led team. One partner involved in the effort has a professional sports background and is participating in development as a way to broaden career pathways for younger community members. The developer frames the project as workforce housing that aims to directly benefit residents through lower-than-market rents and access to neighborhood amenities.
Contact and location
The developer maintains an office at 11150 Santa Monica Boulevard, Suite 350, Los Angeles, CA 90025, and a contact phone number is available. The Court Residences is located on West Court Street in Echo Park.
FAQ
What is the size and scope of the project?
The Court Residences is a 189-unit multifamily development planned as workforce housing in Echo Park.
How much financing was secured?
Construction financing closed at $46.6 million, a mix of senior debt and mezzanine capital.
Who provided the financing?
Senior debt comes from a commercial bank’s community development banking division; mezzanine financing is provided by a community lender and a municipal finance authority.
Who will qualify to live there?
The project targets workforce households, with most units reserved for households at or below 80% of the area median income.
How affordable will rents be?
The developer projects rents roughly 30% to 40% below current market-rate levels in Echo Park.
What keeps the per-unit cost competitive?
Factors cited include faster approvals under a city directive, density benefits from the ED-1 program, design efficiencies and the exclusive use of private financing.
When did construction start?
Groundbreaking occurred earlier this month and construction is underway now that financing has closed.
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Key project features
| Feature | Detail |
|---|---|
| Project name | The Court Residences |
| Location | Echo Park, West Court Street |
| Unit count | 189 units |
| Target affordability | Workforce housing; majority at or below 80% AMI |
| Construction financing | $46.6 million (senior + mezzanine) |
| Per-unit cost | About $247,000 per unit |
| Key financing sources | Community development banking division (senior), community lender and municipal finance authority (mezzanine) |
| Developer | Local developer with ~940 units in development across Los Angeles |
| Groundbreaking | Earlier this month; construction ongoing |
| Office / contact | 11150 Santa Monica Boulevard, Suite 350, Los Angeles, CA 90025; phone available |
Deeper Dive: News & Info About This Topic
Additional Resources
- The Eastsider LA: Affordable housing in Echo Park, new Panera by LACC & other real estate news
- Wikipedia: Echo Park, Los Angeles
- Los Angeles Business Journal: LA Rising — Echo Park key projects
- Google Search: LA Rising Echo Park key projects
- The Detroit News: Pistons’ Tobias Harris joins forces with brother to help build affordable housing
- Wikipedia: Tobias Harris
- Los Angeles Times Opinion: Echo Park — homeless colony, gentrification, housing
- Encyclopedia Britannica: Echo Park (search)
- ABC7: Tenants in affordable bungalow court in Echo Park face eviction (2020)
- Google Scholar: Echo Park bungalow court eviction 2020
Author: Construction NY News
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