Berkadia arranged $15.6 million in non-recourse construction financing for two affordable housing projects in Los Angeles. Managing director Keith Rosso and director Jeremy Kanter of Berkadia Los Angeles completed the transaction on behalf of the developer, Los Angeles-based Seachange Partners. The loan was secured through Genesis Capital LLC, a private Los Angeles-based residential construction lender.Â
Located at 1723 Corinth Ave. in the Sawtelle neighborhood and 3751 Delmas Terr. in the Palms submarket, the two five-story projects will deliver a combined 79 units of deed-restricted affordable housing. Construction is underway, with completion scheduled for 2027.Â
Seachange Partners was founded in 2024 by Kyle Jenkins and Cameron Whiting, former VPs at Lowe. To date, Seachange has initiated four affordable housing development projects in the greater Los Angeles area. The Corinth Avenue and Delmas Terrace developments represent the firm’s inaugural projects.Â
“Seachange brings institutional discipline to ground-up affordable housing development in Los Angeles,” said Rosso. “Their focus on site selection, design, and execution gave the lender confidence to provide accretive non-recourse construction financing terms.”Â
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