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.

ALA’s Janet L. Witkins Center Breaks Ground

Witkin Center RenderingLos Angeles County Supervisor Zev Yaroslavsky joined a long roster of city officials to celebrate the ground breaking of The Janet L. Witkins Center in the heart of West Hollywood on March 15, 2013. Named after the founder of Affordable Living for the Aging (ALA), an organization dedicated to senior housing and also this project’s developer, the center will be the nation’s first sustainably and universally designed home for vulnerable seniors.

Century’s $850,000 acquisition and predevelopment loan helped finance the 17 unit project targeting seniors with incomes at or below 30% of the area median income.

Menlo Family Apartments Opens in Central LA

Menlo Family Apartments Opening

Little Tokyo Service Center (LTSC) and Koreatown Youth & Community Center’s (KYCC) newly developed Menlo Family Apartments opened  its doors to low-income and special needs residents last month. The development transformed a crime-ridden corner near the intersection of Pico Blvd. and Vermont Ave. into 60 low-income family and special needs apartments.

Menlo Family Apartments targets families earning less than 50% of Los Angeles area median income, with an entire 30 units set aside for homeless families, homeless families with children with mental illness, and homeless transitional aged youth. Over 4,000 square feet of service space and community rooms make up the ground floor providing after-school programs, life skills training, financial literacy and parenting, and mental health counseling and treatment, led by KYCC.

Century contributed $1,220,000 to the project’s acquisition and predevlopment financing.

See the LTSC post for details.

Golden State Acquisition Fund Launches

HCD logoThe long awaited  Golden State Acquisition Fund (GSAF), a $93 million source of flexible acquisition financing to developers throughout California, has made its official launch thanks largely to seed money from the California Department of Housing and Community Development.

As an official loan originator, Century is now taking applications from both nonprofit and for-profit developers. Fund highlights include loan amounts of up to $13,950,000 with up to 100% LTV and up to a 5-year term.

For details please see the Century GSAF Term Sheet or call Aaron Wooler at 310-642-2019.

Also, Affordable Housing Finance posted a nice summary.

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.

Hooray! For A Groundbreaking In Hollywood!

Los Angeles City Councilor Eric Garcetti joined Mark Walther and Frank Fonseca, principals of developer American Communities and Century CEO Ron Griffith helped to celebrate the groundbreaking for The Gordon, our eighth partnership of Century and AC.  Joining them were other key partners in the development – Rushmore Cervantes of the Los Angeles Housing Department; Richard Prantis of PSL Architects; Maria Maynard of Bank of America; and Mark Rasmussen of  CCRC. The Gordon’s 21 apartments for very low income families will be completed, with LEED Gold certification, and open to residents in the fall of 2013.

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The Banco Popular Building “Rises” Again

The original plate glass dome in the Banco Popular Bldg lobby will be preserved

Century is happy to announce our continued investment in making downtown Los Angeles a more livable place with the closing of a $10.165 million acquisition loan to Standard Development, LLC, for the purchase of the Banco Popular (aka Herman H. Hellman) Building on Spring St. Standard Development will convert the ten-story building, built in 1903 and once the largest steel-framed building in Los Angeles, into studio, 1- and 2-bedroom apartments, with 38 apartments set-aside for very low-income households with incomes between $30,000 and $40,000.

The development will be financed with a combination of tax-exempt bonds with FHA credit enhancement, historic tax credits and low-income housing tax credits, totaling around $48 million. Construction should begin in  late 2012 and be completed in mid-2014.

Banco Popular Building to Become Apartments

Banco Popular Bldg. (photo by Gary Leonard)

 

 

New Development to Rise in the North San Fernando Valley

As many affordable housing developers deal with the challenge of the end of redevelopment agency funding, some are able to move forward on projects because they don’t require significant public subsidy. Century’s latest loan closing is a $2,000,000 site acquisition loan to Aszkenazy Development, Inc. for the site of Harding/Fermoore in the City of San Fernando, where 112 apartments (in two buildings) for low-income families get under construction in late 2012.

elevation of Fermoore Bldg.

This project will be built without any funding commitments from the City of San Fernando or Los Angeles County, as both of those jurisdictions, like most in California, have budget issues that preclude significant support for affordable housing. The high demand for low income housing credits and low loan interest rates make it possible to build without those direct subsidies, however, if developers have the confidence to proceed.

Hudson Oaks Rises from Ashes

Aaron and Ron at the Hudson Oak Opening

Ann Marie Hickambottom, Ron Griffith, Dana Trujillo, Robin Hughes, Holly Benson, and Aaron Wooler (click to enlarge)

This past Wednesday, the historic Washington Square neighborhood in Northwest Pasadena welcomed back Hudson Oaks, a prominent senior housing development brought down by a 2005 fire. Thanks in part to Century’s $3,560,000 in acquisition financing, Abode Communities has modernized the crippled building to LEED for Home Platinum status with great care taken to match the area’s characteristic Craftsman-style architecture.

Most of the 45 new residents and their families attended the opening event, where everyone got a taste of the stunning mountain views the lucky seniors will be enjoying from their balconies. Too bad the mayor was out sick, because I’m not sure there is a better example of an affordable housing success story in the city—congratulations to Abode Communities and everyone involved.

Hudson Oaks was the first development to benefit from the LA County Innovation Fund.

Visit the Abode Communities site for details about the development.
Read a summary of the project at the time of groundbreaking last year.

Is It a Real Estate Loan Without a Deed of Trust?

For the second time, Century and Bridge Housing partnered in a creative financing structure to close predevelopment financing on a publicly-owned site, this time with LAUSD under the Workforce Housing Joint-Use Program, on unused land at Gardena High School. As with the previous deal in Pasadena, Century’s $1,000,000 predevelopment loan is secured by a letter of credit, rather than a typical deed of trust in the development site. Bridge Housing, one of the largest affordable housing developers in California, will build Sage Apartments with 90 homes for families earning less than $57,000 a year.

Sage Apartments

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