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.