Oakland homes for families and Veterans

500 Lake Park Avenue (pictured): Nonprofit developer EAH Housing, Inc. has secured a half acre site in prime Central Oakland for the construction of 54 affordable family homes using Century acquisition financing. The affordability restrictions are weighted towards the deeply affordable with 8 units restricted to 30% of AMI and 11 units restricted to 40% of AMI for an overall affordability of 49%. The property will serve families with studios through 3-bedroom units and 14 units will be supported by a VHHP contract to support veterans’ continuing needs.

Ambrosia Apartments: Developer Skid Row Housing Trust is planning a 101-unit service-enriched development in South Los Angeles with the help of Century acquisition financing. 80 studio units and 20 1-bedroom units will target individuals earning at and below 30%, 40%, 50% and 60% of AMI, with an average affordability of 42%. All studio apartments will be permanent supportive housing receiving Section 8 Project-Based Voucher rental assistance from VASH (Veterans Affairs Supportive Housing), the Housing Authority of the City of Los Angeles (HACLA), or the Los Angeles County Department of Health Services.

Wyandotte Apartments: The Van Nuys neighborhood of Los Angeles will receive 10 new workforce homes thanks in part to a Century construction loan. The development is located less than a mile from the 405 Freeway and within walking distance of the Sepulveda Basin Recreation Area. The property will include 10 3-bedroom/2.5 bathroom townhouse-style units within a 2-story Type V structure over one-story private garages.

750 West San Carlos Street: San José will receive 57 new affordable homes for the homeless and formerly homeless thanks to developer Danco Communities helped by Century acquisition financing, 4% tax credits and a subsidy from the County of Santa Clara bond funds. Six units will be restricted to 30% of AMI, 28 units to 40% of AMI and 22 units to 50% of AMI. The entire property will be supported with a rental assistance contract and offer direct services provided by the Santa Clara County Office of Supportive Services.

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Century Impacts in September

Mariposa Villa (pictured): $1,400,000 in acquisition financing to developer Leo Lee Family Trust will help convert a parking lot into 33 rental units. With little new construction and rehab of older residential and multi-family buildings within the immediate area, as well as easy access to public transportation, Mariposa will provide much needed workforce housing to LA’s Korea Town. The acquisition loan will convert to a Century construction loan, reducing holding costs.

New Construction Loans: Century provided $1,610,540 in construction financing to developer Komova Chandran Holding, LP to finance the construction of Komova Apartments, a 5-unit multifamily development in Boyle Heights located near the Metro Gold Line. Century also provided a $1,820,000 construction loan to developer Say West Properties for Rosewood Apartments in Los Angeles, an 8-unit townhome-style development that features a handicap unit and energy efficient appliances.

New Hayward and Palm Desert Projects: Developer New Cities Investment Partners received bridge financing totaling $14,445,000 to build Maple & Main Apartments in Hayward and The Sands Apartments in Palm Desert. The Hayward development consists of 240 units, 20% being affordable to families earning up to 50% of AMI, and is located within walking distance of the Hayward BART stop. The new Palm Desert community will feature 412 units with the same mix of market-rate and affordable homes, and is a welcome addition to a city with no other new affordable homes in its pipeline.

Monterey Gateway Senior Apartments: Humboldt County’s most productive developer of affordable housing, Danco Communities, obtained acquisition financing totaling $3,240,000 to purchase a 1.86-acre site in Gilroy that will be improved with 75 units of affordable senior housing through 4% tax credits and operating and capital subsidy from the County of Santa Clara bond funds. The affordability restrictions are weighted towards the deeply affordable with 37 (50% of total) restricted to 30% AMI. The development will include solar roof, community garden, and a decomposed granite gated dog park.

Lending Matters in October

Century had a productive month, closing four loans throughout Southern California:

$1,620,000 in predevelopment financing will help build Baldwin Park Apartments, a 72-unit workforce housing project developed by ROEM Development Corporation, which will also create 84 FTE construction jobs.

–Diversified Equity Group received a $8,500,000 construction loan for 61 homes in Sylmar. Construction of Villa Marbella Apartments will create 71 jobs.

–Hawthorne Family Apartments, 127 units of workforce housing developed by Pacific Companies, is off the ground thanks in part to $2,071,000 of acquisition financing.

–Finally, Reseda residents can look forward to 4 new homes developed by Uzi Levi using a $900,000 construction loan.

Aszkenazy Brings 62 Affordable Homes to San Fernando

paark_view_opening1Residents of the City of San Fernando have Aszkenazy Development, Inc. to thank for Park View Place, a new residential development providing 62 homes affordable to low-income individuals and families, with some reserved for those with special needs. Aszkenazy Development has played an integral role in revitalizing the City of San Fernando, with Park View Place being just one of their standout achievements.  Park View Place is strategically located directly across from a park and regional pool facility and features a large courtyard, gym, outdoor community firepit, computer lab, and resident services provided by L.A. Family Housing and Partners in Care.

Los Angeles County Supervisor Zev Yaroslavsky joined San Fernando Mayor Antonio Lopez to stress the positive economic and social impacts of affordable housing development. Century was recognized for providing critical financial support through $650,000 in acquisition financing and a $791,000 letter of credit during the course of construction.

Lending Matters in May

On May 29th, Century attended the Grand Opening of Terra Bella in Bell Gardens, where we received a Letter of Recognition from Congresswoman Lucille Roybal-Allard for our contribution. The 65 unit low-income senior housing project, developed by Abode Communities, was supported by a $3,179,000 Century acquisition loan.

Also last month, developer Prakash Chandran received $593,000 in Century construction financing to build four workforce apartments in a low-income census tract of the Pico-Union district in Los Angeles. Construction is set to be completed by the end of the year.

Century Loans in April

Century recently closed two loans in Southern California:

Jamboree Housing and WNC Investment Partners are developing Arbor Terrace Apartments in Colton (San Bernardino County) with Century’s $12,350,000 acquisition loan, our first deal financed using the Golden State Acquisition Fund. The project will rehabilitate 129 family apartments, adding improvements such as new bathrooms, kitchens and appliances, and extend affordability to lower income tenants.

–Al Leibovic is developing 6900 Laurel Canyon with the help of $1,700,000 in construction financing from Century. The project will create nine units of workforce housing in North Hollywood.

More Housing Options Coming to Panorama City

Nodrhoff Apartments

Last week’s closing of a $4,550,000 Century construction loan is paving the way for new workforce apartments in Panorama City thanks to developers Gary Kleinman, David Kleinman, Mike Engelman, Al Leibovic, and Marat Dreicer.  The 28-unit two- and three- bedroom project, named Nordhoff Apartments, will be opening its doors to San Fernando Valley residents in early 2014.

Three Loans, Over $30,000,000 Invested

Century ended 2012 with three standout loans to three very deserving developers in Southern California:

-Treadstone Companies received $14,130,000 in bridge financing for Warwick Terrace Apartments; 108 units in Compton.

-Bromont Villas, 49 units in Sylmar, will be developed by Yoram Hassid thanks in part to Century’s $7,850,000 construction loan.

-LOMCO was awarded a $9,000,000 acquisition loan for the 162 unit senior development Huntington Concord.

Please visit our lending page to learn how Century can help finance your next project.

New Apartments Going Up in Van Nuys

The apartment boom continues! Century is working with a new developer, Uzi Levy, to build fourteen new apartments in Van Nuys. Mr. Levy is moving up from installing and maintaining commercial/residential fire and life safety systems to ground-up development, assisted by his general contractor, Blondy Development, a prior Century client. Century’s $2.26 million construction loan (closed June 15th) will create 14 new 2 and 3 bedroom apartments, affordable for moderate income families, when construction is completed in 2013.

Like most areas of the San Fernando Valley, West Van Nuys has strong rental market, giving Century comfort. This is our fourth apartment construction loan in the SFV in the past year, with several more in the pipeline.

 

 

New apartments in Boyle Heights

Whether large or small, the developers who work with Century always get an answer in a timely manner, relieving them of one bit of uncertainty inherent in real estate development. That answer was an enthusiastic “YES!” for Prakash Chandran on his second construction loan with Century. He is building four new apartments on a vacant lot on  North Soto Street in Boyle Heights, near USC Medical Center. The new apartments, financed with a $442,000 construction loan, will provide new affordable homes for families on the Eastside when the buildings are finished in early 2013.

North Soto rendering