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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.

Kelsi Maree Borland

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