Bond Issue to Finance 2,000 Units

Final approval for the largest multifamily housing revenue bond issue ever created, has been given by the Housing Authority of the city of Los Angeles.

The $200-million issue will finance the construction and operation of almost 2,000 apartment units, with about 400 reserved for “affordable” housing.

Eight separate projects to be developed by the Beverly Hills-based CoastFed Properties, will be financed by the bond issue.

Of the eight, the largest single project will be the Warner Center Apartments, a 1,279-unit complex to be located in Woodland Hills, between Canoga and Owensmouth avenues. It will require $144 million or three-quarters of the total bond financing package.

The seven other projects financed by the bond issue include 65 units in the Chinatown area, 85 near 9th and Irolo streets, 116 on Gramercy Place near Hancock Park, 55 in Canoga Park, 70 on Marengo Street east of downtown, 65 on Huntington Drive and 200 in Wilmington.

CoastFed Properties is a general partnership of Coast Savings & Loan Assn. and the Casden Co. that acts as managing general partner. According to Alan Casden, chairman of CoastFed, the company also closed a $47.5 million multi-housing revenue bond issue for a 698-unit apartment complex near Calabasas.