FAQ: Priority Capital Advisory's $28 Million Loan for West Los Angeles Apartment Development

What is this announcement about?

Priority Capital Advisory has arranged a $28 million loan for CityPads to develop a 92-unit apartment property at 8931-8945 Helms Place in West Los Angeles.

Who are the key parties involved in this project?

Priority Capital Advisory (led by Zachary Streit) arranged the loan, CityPads (represented by Sandy Albert and Andy Ahitow) is the developer, and Lucas Borges of JLL also brokered the loan.

Why is this project considered special in the current Los Angeles market?

Very few market rate projects are breaking ground in Los Angeles due to Measure ULA, but this project stands out due to its trophy Culver City-adjacent location and affordable price point, making it well-received by lenders.

What types of units will be available in the development?

The property will include 38 studio units (33 market rate, 5 affordable), 53 one-bedroom units (47 market rate, 6 affordable), and one affordable three-bedroom unit.

What amenities will the apartment building offer?

Amenities include coworking space and lounge, private patios, on-site parking, 9- to 10-foot-high ceilings, abundant natural light, and a fully built-out roof deck with 360-degree views.

Where exactly is this project located and what makes the location desirable?

The project is at 8931-8945 Helms Place in West Los Angeles, directly adjacent to Culver City, within walking distance of world-class retail, dining, shopping, major employers like Apple and Amazon, and transit options including light rail and rapid transit bus.

When is the project expected to be completed?

The project has broken ground with completion anticipated for late 2026.

What makes this development timely given recent zoning changes?

The surrounding area was recently rezoned for mixed-use and multifamily development at the end of 2021, creating a rare opportunity for redevelopment in this highly sought-after location.

How does this project fit into CityPads’ broader development plans?

This is CityPads’ inaugural project in Los Angeles, with plans to start construction on another 144-unit project across the street, more deals in the pipeline across West Los Angeles, and a new fund in the works.

What is Priority Capital Advisory’s track record in debt financing?

Since its inception just over a year ago, Priority Capital Advisory has closed more than $580 million in debt financing across 25 transactions, building a reputation for delivering liquidity solutions in challenging capital markets.