Preservation in Murrieta and Claremont

Rancho Las Brisas

In real estate, timing is everything, especially as the end of the year approaches. Century is happy to announce the closing of a $13 million bridge loan to Foundation for Affordable Housing, so that FFAH could close on the purchase of Rancho Las Brisas, 200 apartments for very-low income families in Murrieta,  a couple of weeks before they could close the sale of Claremont Villas, 154 apartments for low-income seniors in Claremont (of course). The occasionally-imprecise timing of real estate closings left a $3.9 million financing gap in FFAH’s purchase in Murrieta, with no time to spare to find more financing.

Claremont Villas

Century’s bridge loan refinanced the existing loans on the Claremont property and FFAH used part of the loan to close the purchase in Murrieta. Century’s loan will be repaid when the Claremont sale closes, before December 31st. Our ability to act under short deadlines and with large balance loans gives Century to tools to close unusual transactions that other nonprofit lenders cannot.

This was Century’s third financing with FFAH, one of the leaders in preserving affordable apartments throughout California.

1 reply
  1. Anjela Ponce
    Anjela Ponce says:

    Thank you Century Housing for your assistance with the bridge loan. Your team was amazing in putting a loan together in a very short time. Integrity Housing looks forward to many more successful transactions with Century Housing.

    My only disappointment is this article. Affordable Housing Alliance II, Inc., dba, Integrity Housing was an integral part in the Claremont Villas bridge loan and Rancho Las Brisas acquisition making it to the closing table. Without our assistance the purchase of Rancho Las Brisas and the addition of more affordable housing in Murrieta would not have become a reality.

    Integrity Housing would like to express its gratitude to the staff at Century Housing for their hard work and determination to see that these two transactions were completed successfully and on time. You are an amazing team of which you all should be proud!

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