The Developer had previously obtained an approximate $4MM commitment from the Community Redevelopment Agency (CRA) to develop an affordable housing project under the Low Income Housing Tax Credit program (LIHTC). In the wake of the CRA shut down by the State of California, the Developer reengineered the site for market rate apartments after acquiring an additional contiguous parcel.
The construction typology is efficient at three levels Type V over one level Type 1 parking at grade with the core strategy to contain costs and expedite delivery to market with limited excavation. 5800 Harold received the 2018 CAA Property of the Year of Award. In addition, the project was the recipient of the Top 100 Property Award, ranking 75th in the Nation in the 2018 1% Elite for ORA Power Rankings by J. Turner Research. Tanner & White recently repatriated the proceeds from sale to 1031 exchange into another Tanner & White portfolio project to buy out the majority investor.
5800 Harold Way, Hollywood, CA
Developer
Tanner White Properties
Designer / Architect
Sid Lee Architects
Executive Architect
PSL Architects
General Contractor
United Community Builders
Construction Financing
Comerica Bank
Permanent Loan
Banc of California
Total Development Cost
$18 Million
