Grace Tower’s Saving Grace Comes in the Form of a Loan and HUD Funding
- Sep 11, 2015
San Diego—Berkadia recently arranged a $10 million loan for the Grace Tower affordable senior housing community in San Diego.
The 40-year, fixed rate loan was arranged through HUD’s Section 221(d)(4) program by Berkadia Senior Director Mike Kulick of the company’s Pasadena office. The owner, a California nonprofit, will use the funds to rehab the property over the following year, naming Falkenberg/Gilliam & Associates as the project manager.
Located at 3955 Park Blvd., Grace Tower is a 15-story building that totals 168 residences. Almost half a century old, the building offers a unit mix that consists of studio and one-bedroom apartments. The resident amenity package at Grace Tower features a rec room, billiard room, a library, as well as a patio with a gazebo.
Awarded for 20 years, the senior preservation rental funding provided by HUD is meant to prevent the displacement of unassisted senior housing residents that currently live in Section 202 Direct Loan projects. Only 20 units at Grace Tower will continue to receive Section 8 project-based rental assistance.