Los Angeles, California
CDT Correspondent
California Community Reinvestment Corporation
Investment Description
In partnership with California Community Reinvestment Corporation (CCRC), CDT has provided $15.5 million in permanent fixed-rate mortgage capital to Advanced Development & Investment, Inc. (ADI). ADI is helping to fill a critical housing need in Los Angeles by developing new family apartments in urban communities throughout the metropolitan area. A full-service developer with extensive construction and project management capacity, ADI has completed nearly 1,000 units of affordable housing in Los Angeles and has an additional 800 under construction or in development.
Transaction Highlights
Through its local correspondent, CCRC, CDT has financed eight community development projects with ADI, adding a total of nearly 400 units to the affordable housing supply in Los Angeles. ADI finances its projects with Low Income Housing Tax Credit equity and conventional debt, often relying on no public funds. Given the high cost of construction in California, ADI's successful track record of using primarily private capital to create large affordable communities continues to be a major accomplishment.
the community development trust
