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.
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.