Western Alliance Bancorporation shares rise 1.29% premarket after financing 50 new affordable apartments in South Los Angeles.

Western Alliance Bancorporation rose 1.29% in premarket trading, with the company announcing the grand opening of Serenity, a new residential project in South Los Angeles. The project, supported by Western Alliance's Affordable Housing Finance Group in partnership with R4 Capital Funding, includes a retail component and was co-developed by John Stanley Inc. and Concerned Citizens Community Involvement. The bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the affordable, age-restricted, mixed-use residential project.