SoLa Impact has closed $29 million in New Markets Tax Credit (NMTC) financing to help supplement its funding of two major community-facing initiates at Crenshaw Lofts, a 190-unit mixed-use project located at 4607 Crenshaw Blvd. in South Los Angeles.
The project is a combination of Opportunity Zone financing, coupled with NMTC financing and private equity. The NMTC financing will go into the ground-floor commercial and retail space. The NMTCs will specifically fund the buildout and completion of:
- The SoLa Tech & Entertainment Center Powered by Live Nation – a next-generation workforce development center offering training in technology, digital media, music, live production and entrepreneurship.
- The Crenshaw Culinary Arts Cafe – a non-profit culinary training and community café serving the community with healthy food options while offering hands-on vocational training in the food service industry for South LA residents.
The new Tech Center, SoLa’s second facility in Los Angeles, will directly serve thousands of young people and adults annually, expanding access to education, career pathways and economic mobility in one of Los Angeles’ most historically underinvested neighborhoods.
The NMTC allocations were provided by three mission-aligned Community Development Entities (CDEs): Border Communities Capital Company, an affiliate of Chelsea Investment Corporation ($13 million); Los Angeles Development Fund ($9 million) and Enterprise Financial CDE, a subsidiary of Enterprise Financial Services Corp. ($7 million).
Dudley Ventures/Valley Bank served as the tax credit investor, marking its second NMTC partnership with SoLa Impact. BHI, the U.S. division of Bank Hapoalim, provided the construction financing for the development
