Priority Capital Advisory Secures $28 Million for West Los Angeles Apartment Development Amid Housing Challenges

Priority Capital Advisory has successfully arranged a $28 million loan for the development of a 92-unit apartment property at 8931-8945 Helms Place in West Los Angeles. The senior debt financing was secured 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, brokered the loan alongside Lucas Borges of JLL.

The project stands out as one of the few market-rate developments breaking ground in Los Angeles despite the challenges posed by Measure ULA. Streit emphasized the property's unique position, noting its trophy location adjacent to Culver City and affordable price point made it particularly attractive to lenders. The successful financing arrangement demonstrates that well-located projects with thoughtful design can still secure funding in the current challenging capital environment.

CityPads Principal and Managing Partner Sandy Albert expressed enthusiasm about bringing much-needed housing to West Los Angeles. The development vision focuses on creating walkable, amenity-rich housing near transit options and major employment centers. The property's strategic location places it within walking distance of major employers including Apple's new corporate campus, Amazon Studios, Sony Studios, Warner Bros. Discovery, and the Hayden Tract.

The unit mix includes 38 studio units with 33 market rate and 5 affordable units, 53 one-bedroom units with 47 market rate and 6 affordable units, and one affordable three-bedroom unit. Building amenities will feature coworking space and lounge areas, 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 development aims to provide high-quality rental options at monthly rents lower than competitive new supply in the West Los Angeles and Culver City market.

The surrounding area benefited from recent rezoning for mixed-use and multifamily development at the end of 2021, creating rare redevelopment opportunities in this highly sought-after location. The property's proximity to Culver City positions it in one of Los Angeles' most under-supplied multifamily submarkets. Residents will have walking access to world-class retail, dining, and shopping destinations including the Helms Bakery District, Culver City Arts District, Ivy Station, The Platform, Downtown Culver City, and South Robertson Boulevard.

CityPads Principal and Managing Partner Andy Ahitow confirmed that construction has begun on this inaugural Los Angeles project, with completion anticipated for late 2026. The company plans to start construction on another 144-unit project across the street from the Helms location and has additional deals in West Los Angeles and across the city in development. The transit-oriented neighborhood offers light rail, rapid transit bus, and bike lines easily accessible from the property.

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 has established a reputation for delivering liquidity solutions for sophisticated sponsors in challenging capital markets. The successful financing of this project demonstrates that strategic development can proceed despite broader market headwinds, potentially serving as a model for future housing projects in constrained markets.