V
isionary Developments, headquartered in Echo Park, secured $46.6 million in financing for its inaugural affordable multifamily project, The Court Residences. The funding package blends senior debt from J.P. Morgan’s Community Development Banking arm with mezzanine capital supplied by BlueHub Capital and the California Municipal Finance Authority.

    The 189‑unit complex, which broke ground earlier this month, will serve as workforce housing for residents earning up to 80 % of the county’s area median income. At roughly $247,000 per unit, the project remains cost‑competitive within Los Angeles’ affordable housing market. Founder Terry Harris credits the low price to streamlined construction processes, the density advantages of the city’s ED‑1 program, and the use of private financing that sidesteps prevailing wage mandates.

    Harris highlighted the importance of site selection, noting that affordable units should be positioned where rents are below neighborhood market rates, rather than in class C or D areas where rents match the new development’s cost. Echo Park was chosen for its growing, walkable character, proximity to downtown, and robust public transit links. “Our building will be 30‑40 % below Echo Park’s market rent,” Harris said, underscoring the community benefit of workforce housing.

    This venture marks Visionary’s first affordable project amid a portfolio of 940 units in development across Los Angeles. The firm is also exploring opportunities in East Hollywood and Silver Lake. Harris described The Court Residences as “not your typical affordable housing,” citing its innovative design and a suite of community‑focused amenities.

    Collaborating with his brother, Tobias Harris—a Detroit Pistons power forward—Terry aims to demonstrate alternative career paths for athletes. “We’re showing that success can come from real estate development, not just sports,” he remarked, drawing on his own experience in the NBA G‑League.

    Rendered images of the Echo Park development illustrate the project’s modern aesthetic and community orientation.