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The affordability crisis striking California has spurred demand for workforce housing. Developers and investors alike have answered that call, and in the last year, California has seen a dramatic increase in both value-add workforce housing investment and ground-up workforce housing development. Now, lenders are showing increased interest in workforce housing deals, compared to market-rate multifamily, according to Jonathan Lee, a principal and managing director at George Smith Partners. Lee recently secured construction financing for a 51-unit ground-up workforce housing project in Koreatown on behalf of a joint venture between Index Real Estate Investments and Ketter Construction. We sat down with Lee to talk about the lender demand for workforce housing.

GlobeSt.com: What is lender demand like for workforce housing ground-up development?

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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