X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANAHEIM, CA-The Related Companies of California and the Southern California Housing Development Corp. have secured $12.2 million in equity financing toward the purchase and rehabilitation of Jeffrey Lynne Perimeter, a 112-unit apartment development originally constructed during the 1950s on Jeffrey and Lynne streets near Disneyland.

The equity was supplied by Related’s affiliate, Related Capital, and provides part of the financing for what Related describes as much needed quality, affordable housing.

Besides the $12.2 million from Related Capital, which provided the equity in exchange for tax credits generated by the development, this latest phase of the Jeffrey Lynne development will be financed by a $7.5 million loan from the City of Anaheim.

The 112-unit project follows the 267-unit Phase I Jeffrey Lynne development, for which Related provided a $25.6 million investment in 2000, notes Bill Witte, principal of The Related Cos. The second phase of the development will consist of 23 two-story, garden-style buildings situated on over four acres. The property will feature one- to three-bedroom units ranging in size from 649 sf to 1,135 sf. Rents are expected to start at $375 for the one-bedroom units or $543 for the three-bedroom units. The rehabilitation of the property will include significant renovation of both the interior of the buildings and the grounds of the property, improving both the site’s appearance and functionality, according to Related.

The Related Cos. of California was founded in 1989 to acquire and develop government-assisted and market-rate multifamily housing in California. It is among the largest affordable housing developers in the state, having developed more than 6,000 units in San Francisco, Oakland, San Jose, Los Angeles, Los Angeles County, Orange County, San Bernardino County, San Diego, and San Diego County.

Southern California Housing Development Corp. is a non-profit housing development corporation, develops and manages affordable housing for very low, low and moderate- income residents. It owns and manages more than 4,500 multifamily units throughout Southern California.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.