Priority Capital Advisory announced it has led the arrangement of a $28 million loan for CityPads to develop a 92-unit apartment property at 8931-8945 Helms Place in West Los Angeles. The senior debt financing was brokered by Zachary Streit, Founder and President of Priority Capital Advisory, along with Lucas Borges of JLL. The project, which has broken ground and is anticipated to be completed in late 2026, is notable for proceeding despite the challenges posed by Measure ULA, a Los Angeles measure that has slowed many market-rate developments.
“Very few market rate projects are breaking ground in Los Angeles due to Measure ULA, but this project is incredibly special given its trophy Culver City-adjacent location and affordable price point,” said Streit. “It was an honor representing CityPads in their inaugural development in the greater Los Angeles area.” The property's unit mix includes 38 studio units (33 market rate, 5 affordable), 53 one-bedroom units (47 market rate, 6 affordable), and one affordable three-bedroom unit. Amenities will feature coworking space, private patios, on-site parking, high ceilings, and a roof deck with 360-degree views.
Sandy Albert, Principal & Managing Partner of CityPads, emphasized the project's role in addressing housing needs: “We’re thrilled to be able to bring much-needed affordable and market rate housing to West L.A. The vision is to create an incredible housing option that is walkable, amenity-rich, near transit, and proximate to major employers such as Apple, Amazon, and Sony.” The site is positioned adjacent to Culver City, one of Los Angeles’ most under-supplied multifamily submarkets, and is within walking distance of the Helms Bakery District, Culver City Arts District, and other attractions.
Andy Ahitow, Principal & Managing Partner of CityPads, added: “We’re excited to break ground on our inaugural project in Los Angeles. We’ll be starting construction on another 144-unit project across the street and have more deals in the pipeline.” The surrounding area was rezoned for mixed-use and multifamily development at the end of 2021, creating a rare redevelopment opportunity. Since its inception just over a year ago, Priority Capital Advisory has closed more than $580 million in debt financing across 25 transactions. The firm specializes in highly structured finance solutions for transactions ranging from $20 million to $200 million, sourcing capital from a diverse set of providers including debt funds, life companies, and commercial banks.
This development highlights the continued demand for housing in West Los Angeles and the ability of experienced sponsors to navigate challenging capital markets. For more information, visit Priority Capital Advisory or CityPads.
