organization

Standard-Faring Essential Housing

2021-present Documented housing platform
At a glance

Joint venture of Standard Communities and Faring created to develop and convert middle-income housing in California through public-private structures. The partners announced a target of more than $2 billion of 'missing-middle' housing and documented repeated transactions using tax-exempt bond financing, public-agency ownership/participation structures, project administrators, and participating host cities.

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Middle-income housing joint venture Official joint-venture, public-agency, transaction, and financing documentation
What the record shows

Key facts

Amount
Over $2 billion announced housing target
Financial context
Public-private middle-income housing transactions using public-agency ownership/participation structures, tax-exempt bonds, project administrators, underwriters, lenders, and participating host cities.
Documented amounts
Over $2 billion announced California middle-income housing target · Over $400 million capitalization reported at joint-venture launch · Approximately $100 million capitalization — The Crescent at West Hollywood · Approximately $140 million purchase — Millennium South Bay Apartments · $182.7 million loan reported for Millennium South Bay · $78 million capitalization — Renaissance at City Center in Carson · Not-to-exceed $143 million purchase price described for Monterey Station assignment
Target Income Band
approximately 80%-120% AMI as described by Standard Communities
Financing Structure
Public-agency ownership/participation with tax-exempt bond financing; CSCDA Community Improvement Authority frequently documented
Project Administrator Role
Due diligence, purchase/sale negotiation, financing down payment, host-city approval, closing, property-management oversight and regulatory-compliance administration as described in public-agency materials
Evidence

Sources

Standard Communities And Faring Form Joint Venture To Create 2 Billion Of Middle Income Housing In California Open source → Nhra Features Standard Faring Essential Housing California Workforce Housing Residents Getting Luxury Amenities Open source → Standard Communities Leads Public Private Partnership Transitioning 130 Market Rate Units To Middle Income Housing In West Hollywood Ca Open source → Standard Communities Leads Public Private Partnership Transitioning 230 Market Rate Units To Middle Income Housing In Hawthorne Ca Open source → Standard Communities Faring Form Jv To Create Middle Income Housing In California O Open source → Public Private Partnership Buys La Area Affordable Community Open source → CSCDA Agenda Packet 1.6.22 Open source → CSCDA Agenda Packet11.18.21 Open source →
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Linked records

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People
Jason Illoulian
Organizations
Faring
Projects
Standard-Faring Essential Housing
Developers
Faring
More context

Related records

Ranked by documented overlap such as a shared project, property, person, organization, event, relationship, or an explicit link between records.

property

Robertson Lane

West Hollywood development assemblage associated with Faring and Robertson Court, LLC, spanning Robertson Boulevard, La Peer Drive, and Santa Monica Boulevard parcels. Ea…

Mixed-useHospitalityOfficeRetail
Shared person: Jason Illoulian · Shared organization: Faring
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Context note

Standard Communities describes the platform as serving households around 80% to 120% of area median income and specifically identifies teachers, firefighters, police, healthcare workers, and other public/essential workers among the intended workforce. Public-agency documents describe the project administrator/sponsor role as including due diligence, negotiating purchase and sale terms, financing down payments, seeking host-city approval, closing transactions, overseeing property managers and ensuring regulatory compliance. The specific project-administrator entity can be a Standard affiliate rather than Faring itself. This is a documented Faring housing business model in nearby jurisdictions. No reviewed source establishes that Standard-Faring Essential Housing, Faring, or Standard Communities participated in CCUSD's Brookwood/Rivercrest real-estate study; the similarity in teacher/workforce-housing framing remains thematic overlap only, not a direct relationship.

People
Jason IlloulianChris CruzJeffrey JaegerDarren Embry
Organizations
Standard CommunitiesFaringCSCDA Community Improvement AuthorityCity of West HollywoodCity of HawthorneCity of CarsonStifel, Nicolaus & Company, IncorporatedWilmington Trust Bank
Properties
The Crescent at West Hollywood ApartmentsMillennium South Bay ApartmentsMonterey StationRenaissance at City Center
Projects
Standard-Faring Essential Housing
Relationships
Standard Communities — direct joint-venture partnerFaring — direct joint-venture partnerCSCDA Community Improvement Authority — public financing/ownership structure participantHost cities — direct approval/participation relationships on specific transactions
Financial entities
CSCDA Community Improvement AuthorityStifel, Nicolaus & Company, IncorporatedWilmington Trust Bank
Developers
Standard CommunitiesFaring
Roles
Middle-income housing investorAcquisition and conversion partnerGround-up development platformProject administrator / sponsor participant in public-private housing structures
Categories
Middle-income housingWorkforce housingPublic-private housingTax-exempt bond financing
Themes
Missing-middle housingWorkforce housingTeacher housingEssential workersPublic-private partnershipTax-exempt bondsMunicipal housing partnerships
Money context
CSCDA Community Improvement Authority tax-exempt bond financingApproximately $100 million capitalization for The Crescent at West HollywoodApproximately $140 million purchase of Millennium South Bay Apartments$182.7 million loan reported for Millennium South Bay$78 million capitalization for Renaissance at City Center in Carson
Financing
Tax-exempt bond financing through CSCDA Community Improvement AuthorityStifel underwriting documented in CSCDA transaction materialsWilmington Trust loan reported for Millennium South Bay
Amounts
Over $2 billion announced California middle-income housing targetOver $400 million capitalization reported at joint-venture launchApproximately $100 million capitalization — The Crescent at West HollywoodApproximately $140 million purchase — Millennium South Bay Apartments$182.7 million loan reported for Millennium South Bay$78 million capitalization — Renaissance at City Center in CarsonNot-to-exceed $143 million purchase price described for Monterey Station assignment
Aliases
Standard Faring Essential Housing