Preservation XV, L.P.

Clearinghouse CDFI (CCDFI) is working to combat the housing crisis in downtown Los Angeles alongside Preservation XV L.P. This project consists of 6 separate developments with 4 loans totaling $44,850,000.

Renters in Los Angeles County need to earn 3 times the minimum wage to afford the average monthly rent in the City of Los Angeles. Preservation Properties is a portfolio of 24 properties totaling 405 project Section 8 units near downtown Los Angeles. CCDFI is supplying bridge financing to a HUD loan and funds for ADA work and deferred maintenance.

Preservation XV is an entity of Jim Perley of Western America Properties (WAP). With a special focus on rehabilitation and management of affordable properties, specifically “At Risk Properties,” WAP manages 24 multifamily, townhouse/condo, and office/retail properties. Mr. Perley has become a national model for affordable housing developers, especially those who prioritize affordability for homeless veterans.

Read the full story here: Just Funded – Preservation XV, L.P.

Financing Provided:
$44.85 Million
Location:
Los Angeles, CA
Impact:
- Provides affordable housing units to qualified individuals and families
- Provided rehabilitation for upgrades and ADA compliance to properties
Purpose:
Refinancing of existing debt and to provide rehabilitation work
Year Funded:
2022
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