California Community

Montecito, Panorama City Los Angeles

Montecito

Montecito Apartments replaces old apartments in the San Fernando Valley of Los Angeles with a new senior developments on two sites in Panorama City.

Montecito will consist of 98 units, primarily with 1-bedroom apartments for low-income seniors. Construction will be three levels of Type V wood over Type I concrete semi-subterranean parking with 112 spaces. Site area is 1.9 sf (50 dua).

The Mediterranean-inspired design will complement the historic area architecture.

Montecito is near an MTA Rapid bus route on Van Nuys Blvd., Blythe St. Park, The Plant shopping center, the Casa Esperanza community center, pharmacies and health clinics.

Montecito will be financed with a $13,391,380 allocation of 9% Low-income Housing Tax Credits in 2009, conventional debt and public funds from the Prop. 1C Infill Infrastructure Grant fund, ARRA federal stimulus fund, Los Angeles Housing Dept., and Los Angeles CRA.

100% affordable:
10 units – 30% AMI
10 units – 40% AMI
48 units – 50% AMI
16 units – 60% AMI
2 manager’s units

Year Built

2011

Type

Senior

No. Units

98

Total Cost

$24,123,000

Developer

AMCAL Multi-Housing

Contractor

AMCAL General Contractors

Architect

Van Tilburg, Banvard & Soderbergh

Financing

Equity

$9,708,000
Hudson
$600,000
AMCAL

Construction

$10,417,000
U.S. Bank

Permanent

$3,912,000
U.S. Bank

Agency

$3,800,000
L.A. CRA
$3,033,000
Prop. 1C Infill
$1,988,000
L.A.H.D.
$849,000
ARRA stimulus

Non-Profit

Las Palmas Foundation