META HOUSING CORPORATION COMPLETES $43 MILLION TRANSIT-ORIENTED SENIOR APARTMENT COMMUNITY AND RETAIL SPACE IN HOLLYWOOD
The Metro @ Hollywood is the newest affordable senior housing community from Meta Housing Corporation.
LOS ANGELES, CA – May 30, 2013 – (RealEstateRama) — Meta Housing Corporation has completed a $43.8 million transit-oriented mixed use development in Hollywood, Calif. The development includes 5,500 square feet of ground floor retail space, and is made up of 120 one-and two- bedroom apartments which will provide new, affordable housing to seniors aged 55+.
The property is located in a walkable Hollywood neighborhood within 200 yards of the Los Angeles County Metro’s Hollywood/Western Red Line subway station, which connects Hollywood with Downtown Los Angeles, according to John Huskey, President of Meta Housing Corporation.
“Transit-oriented development continues to emerge as a smart growth solution for urban cities throughout the U.S.,” explains Huskey. “By strategically placing our properties in pedestrian-friendly neighborhoods and utilizing public metro and bus systems, we have identified a viable and environmental solution to many of the traffic and parking issues which are typical in an urban neighborhood.”
These issues are especially important in senior housing, according to Huskey, who notes that transit-oriented developments help older adults to avoid the expense and hassle of owning a car.
“The benefits to our residents are substantial,” he says. “People who live here will have easy, walkable access to public transport and nearby amenities, while also enjoying the opportunity to interact with neighbors and friends as they walk around.”
PARTNERS AND FINANCING
The Metro @ Hollywood was completed with support from the State of California’s Department of Housing and Community Development, the Community Redevelopment Agency of Los Angeles, and the Los Angeles Housing Department.
The construction financing was provided by Citibank, while permanent financing was provided by the California Community Reinvestment Corporation. The equity investor for the project, Redstone Equity Partners, purchased the low income housing tax credits, which provided equity for the project.
THE PROPERTY
The Metro @ Hollywood was designed by PSL Architects, and is located on the corner of Hollywood Blvd. and Garfield Place in Hollywood. The property was designed to promote a sense of community and engagement among residents, featuring a two-story clubhouse with large glass windows which opens into the outdoor center courtyard. The result is the creation of a large, inviting space for residents which promotes a sense of community and encourages interaction among neighbors.
Interactivity is a theme in Meta Housing Corporation’s properties. The developer offers free life-enhancing services and programs to all residents of The Metro @ Hollywood through its longstanding non-profit partner, EngAGE. Community residents will have access to an integrated program of arts and wellness classes taught by college-level professionals, all at no cost, according to Huskey.
The community also offers a variety of amenities to residents, including an exercise room, library, art studio, media room, large community room, and two outdoor decks, one of which features unobstructed views of the Griffith Observatory.
In addition to amenities and services, this unique, multi-use property will offer new retail stores to residents and the surrounding community, according to Huskey.
“By incorporating a retail component into this community, we are providing our residents and other community members with the opportunity to access quality retail close to home,” notes Huskey.
ABOUT META HOUSING CORPORATION
Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 5,000 residential units.
Meta Housing Corporation’s development projects revitalize the employment centers of Southern California by allowing residents to make their home near where they work. The company’s family housing developments demonstrate its ongoing commitment to providing high quality housing alternatives. “Active living in place” is the credo for the company’s senior housing communities, offering amenities and programs that help residents embrace the full potential of senior living.
Each Meta Housing community aims to provide the highest quality of life possible, integrating innovative design concepts with life-enhancing features that make a significant impact on the lives of our residents. Meta Housing pairs its bottom-line business acumen with a strong sense of social advocacy, a combination that continues to make the company the perfect partner for cities, housing agencies, nonprofits, investors and other developers. Additional information is available at www.metahousing.com.
Contact:
Jenn Quader/ Corynne Randel
Brower, Miller & Cole
(949) 955-7940
