by Tony O. Lawson
Los Angeles-based Visionary Developments, led by Terry Harris, has secured a $46.6 million construction loan to build a 189-unit affordable housing complex in Echo Park.
The project at 1540 West Court Street will include studios, one-bedroom, and two-bedroom apartments reserved for households earning up to 80% of the area median income.
Loan Structure and Partners
The financing combines senior and mezzanine debt, with J.P. Morgan and BlueHub Capital providing the funds. Concord Summit Capital and George Smith Partners arranged the deal. The loan positions Visionary Developments as a growing force in Los Angeles’s affordable housing market.
“This loan closing gives the project the ability to move forward — to be executed and delivered,” said Harris. “It’s a milestone because I’ve been intentional about approaching development differently. This financing isn’t just about building housing; it’s about showing a more innovative and intentional way of doing development.”
Pipeline of Affordable Housing Projects
Beyond Echo Park, Visionary is advancing an 87-unit project at 1230 West Sunset Boulevard and a 33-unit development at 333 Douglas Street. With these projects combined, the firm now has more than 300 affordable units in the pipeline across Los Angeles.
Family-Backed Development Strategy
Building on that momentum, the firm’s leadership reflects a family-driven approach. Terry Harris leads development efforts, while his brother, NBA forward Tobias Harris, is also involved, adding visibility and resources.
“For Visionary, this closing is the beginning of where we’re headed,” Harris added. “My strategy is to carry this innovative approach into every project — being curious, bold, and authentic, and pushing the norm. I want to grow Visionary into a firm known for projects grounded in that philosophy. This is just the start.”
Policy Alignment and Market Impact
The projects also align with Mayor Karen Bass’s Executive Directive 1, which streamlines approvals for affordable housing. By securing significant private financing while working within this policy framework, Visionary Developments is helping address one of Los Angeles’s most urgent challenges: the shortage of affordable housing.
Generational Wealth and Community Impact
Taken together, these projects represent more than real estate. They reflect a strategy to build generational wealth while contributing to stability in neighborhoods facing rising costs and displacement.
With $46.6 million in financing and multiple projects underway, Visionary Developments is signaling a long-term commitment to shaping Los Angeles’s housing future.
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