The fund, which Shamrock manages, provides gap financing in the form of mezzanine debt and preferred equity to development projects located in low-to-moderate income neighborhoods of Los Angeles.
The first phase of the Hampton Studios project has just started construction. When completed in the winter of 2002, it will have 49 units for artists in residence, two units of commercial space and its central courtyard will have a community kiln. The Genesis LA Real Estate Fund also financed the first phase of the project.
The second phase, on an adjacent one-acre parcel, will contain 40 similar residences. The Genesis LA fund loan will cover land acquisition and support the entitlements process. Completion is expected in about three years.
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