PRESS RELEASE
May 11, 2005
Media Relations Officer
310.642.2032 Fax: 310.258-0701
rmcpherson@centuryhousing.org
The Century Community Lending Co. Closes First Loan, Creating Housing For Five Working Families in No. Hollywood
Los Angeles , CA — The Century Community Lending Company (CCLC), a new Los Angeles area lender specializing in smaller-scale, community redevelopment loans, announces the closing of its first financing deal—$615,000 in financing as a permanent mortgage loan for a newly-constructed, five-unit apartment building in North Hollywood.
The new building, which replaces a distressed single-family rental property, will provide much-needed rental housing for five working families. The building has three 1,200 square-foot, two-bedroom units and two 1,500 square-foot, three-bedroom units, with 10 parking spaces on site.
This permanent loan from CCLC will reimburse the developer, a consortium of local businessmen, for the acquisition of the property and a portion of the construction and soft costs. One of the project sponsors was also the general contractor for the development.
CCLC is currently working with the developers to provide construction financing for another five-unit building on an adjacent street to further improve the neighborhood.
The Century Community Lending Company is a nonprofit lender specializing in smaller rehabilitation and new-construction developments, which help revitalize communities and provide workforce housing for the Los Angeles community. CCLC provides construction and permanent mortgage loans, streamlining the financing process for small entrepreneurial developers. For more information about financing your residential development, contact Stephen Peelor, Program Manager at (310) 642-2034.