Borrower Spotlight: CA DCM Rentals
Century Housing is helping lead the way on developments approved under Executive Directive 1 (ED 1), Los Angeles Mayor Karen Bass’s initiative to accelerate housing production in response to the city’s homelessness crisis. Through our construction lending, we’re helping make the 21st Street Apartments a reality—a five-story, 47-unit community that will function as a 100% fully affordable housing development for residents earning up to 80% of the area median income (AMI). The project will target small households, primarily single individuals who commute to jobs in the Wilshire corridor, downtown, and Culver City.
“The Mid-City area lacks this type of housing stock, and this development will help ease the burden for low-income individuals seeking an affordable home,” said developer David Mazza.
Located near the Santa Monica Freeway and less than two miles from the Metro K Line, the development will offer modern, light-filled homes with stainless steel appliances, quartz countertops, hardwood floors, in-unit laundry, and broadband internet, as well as a rooftop deck. Construction is nearing completion, with residents expected to begin moving in later this year.
“As a small, privately funded developer with limited capital and no investors, we needed flexibility to make this project work,” Mazza added. “Century helped us structure an achievable loan that simply wouldn’t have been possible with conventional bank terms.”
“ED 1 is creating momentum for the kind of housing Los Angeles needs most—affordable homes in well-connected neighborhoods,” said Tracey Burns, Vice President of Construction Lending at Century Housing, who facilitated the deal. “We’re proud to work with CA DCM Rentals to deliver this much-needed community in Mid-City.”
