Priority Capital Advisory has announced the arrangement of a $28 million senior debt financing loan for the development of a 92-unit apartment property at 8931-8945 Helms Place in West Los Angeles. The loan was brokered on behalf of CityPads, a private equity fund manager and multifamily developer with operations in Chicago and Los Angeles. Zachary Streit, Founder and President of Priority Capital Advisory, led the transaction alongside Lucas Borges of JLL.
“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. It was very well received by lenders,” said Streit. “It was an honor representing CityPads in their inaugural development in the greater Los Angeles area, and I look forward to continuing to support their efforts as they work to add residential rental stock to the Los Angeles market.”
The property’s unit mix will include 38 studio units (33 market rate, 5 affordable), 53 one-bedroom units (47 market rate, 6 affordable), and one affordable three-bedroom unit. Building amenities will feature coworking space and lounge, private patios, on-site parking, 9- to 10-foot-high ceilings, abundant natural light, and a fully built-out roof deck with 360-degree views. The project aims to offer residents a high-quality, amenitized rental option at monthly rents lower than competitive new supply in the West Los Angeles/Culver City market.
Sandy Albert, Principal & Managing Partner of CityPads, expressed enthusiasm: “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 for people that is walkable, amenity-rich, near transit, and proximate to so many great jobs and employers such as Apple, Amazon, and Sony.”
The surrounding area was recently rezoned for mixed-use and multifamily development at the end of 2021, creating a rare opportunity for redevelopment in a highly sought-after location. The site is positioned directly adjacent to Culver City, one of Los Angeles’ most under-supplied multifamily submarkets, and is within walking distance of world-class retail, dining, and shopping. Attractions such as the Helms Bakery District, Culver City Arts District, Ivy Station, The Platform, Downtown Culver City, and South Robertson Boulevard are all within a 15-minute walk. The transit-oriented neighborhood offers light rail, rapid transit bus, and bike lines easily accessible from the property. The property is also conveniently located within walking distance of several major employers, including Apple’s new corporate campus, Amazon Studios, Sony Studios, Warner Bros. Discovery, and the Hayden Tract.
With this loan in place, the project has broken ground with completion anticipated for late 2026. CityPads plans to start construction on another 144-unit project across the street from Helms and has more deals in West Los Angeles and across the city in the pipeline, as well as a new fund in the works, according to Andy Ahitow, Principal & Managing Partner.
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 continues to earn a reputation for moving quickly and delivering liquidity solutions for sophisticated sponsors in challenging capital markets.
