Thrive Living’s affordable housing development in East Hollywood is moving forward with the help of a $65 million construction loan. The Los Angeles-based developer, an affiliate of New York-based Magnum Real Estate Group, secured the loan from J.P. Morgan for a seven-story building at 1141 North Vermont Avenue, Urbanize Los Angeles reported. The development will feature 290 studio, one-, two- and three-bedroom units for residents making up to 80 percent of the area median income. In Los Angeles County, this is defined as a maximum annual income of $84,850 for one person or $121,450 for a household of four. To […]
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