Market Park to Stay Affordable

A $3,750,000 Century acquisition loan to Market Park Partners, LP will purchase Market Park Apartments, 50 apartments for very-low income families in Inglewood. The property, located on North Market Street, will be recapitalized with tax exempt bonds and 4% tax credits and rehabilitated inside and out, starting in about six months. The developer, Vitus Group, is based in Seattle and owns more than 5,000 apartments in 13 states. The property is at-risk of losing its Section 8 rental subsidy, so the new owner will commit to keeping the property affordable for 55 additional years and will take on a 20 year Section 8 contract with HUD. This was Century’s first loan to Vitus Group (fka Pacific Housing Advisors).