Housing nonprofit Weingart Center has closed a $27.3 million acquisition of a 76-unit assisted living facility in Cheviot Hills, with plans to turn the site into a homeless shelter, The Real Deal has learned.
The property, at 3340 Shelby Drive, is known as the Terraza of Cheviot Hills. The facility contains a three-story structure that spans 38,200 square feet. Weingart completed the deal on April 12, according to a deed filed in Los Angeles County’s Recorder’s Office.
The seller is a Sacramento-based entity called Palms Affordable Housing. The limited partnership, managed by David Cardena, flipped the site after just months of ownership, records indicate. The company bought the asset in December from Florida firm Bridge Investment Group.
According to a Los Angeles Housing Department report from last June, Weingart requested nearly $19.6 million in capital funding for the project. The financing will come through Project Homekey, a $1.4 billion state program that funds homeless housing conversions. Weingart plans to use the financing to renovate units and build amenities. The unit count for the complex will stay the same.
The Los Angeles Housing Department recommended $20.5 million in match funding to cover cost increases for the project.
Weingart Center, headquartered in L.A.’s Skid Row, provides supportive housing to the homeless. Former California State Senator Kevin Murray serves as CEO of the center.
The nonprofit is converting another Project Homekey site in Baldwin Park. That property, located at 13921 Francisquito Avenue, housed a 108-key hotel called the Grand Park Inn. Weingart closed its $21.4 million acquisition of the property on April 2, property records show. The organization plans to convert the Francisquito Avenue property into a residential complex with 107 units. Weingart and Los Angeles County received $34.6 million in funding for the project.
The state has funded 250 projects through the Homekey program, according to data from California’s Department of Housing and Community Development. The financing is expected to create a total of 15,319 homes.
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