Joint Venture Invests in California Seniors Community
- Feb 20, 2013
Santa Ana, Calif.—The Community Development Trust (CDT), a national community development financial institution and REIT, has recently partnered with Thomas Safran Associates (TSA), a Los Angeles-based affordable housing developer, to invest in a 200-unit seniors community in Santa Ana, Calif.
“The structure of this investment perfectly matches the long- and short-term financial needs of the project,” Anthony Yannatta, director of finance, TSA, says. “We enjoyed working with such an experienced, mission-driven partner throughout the transaction.”
The community, called Santa Ana Towers, is comprised of one-bedroom units that all include a kitchen and a patio or balcony. It also features many amenities for its senior residents, such as a large recreation area, exercise room and scheduled activities for residents, including crochet and bingo. Santa Ana Towers is located near the downtown district.
“With its close proximity to the downtown area and its abundant community space, Santa Ana Towers presented a real opportunity for us to help maintain high-quality living options within the community,” Brian Dowling, vice president of community investments, CDT, says. “Residents enjoy a comfortable, safe, living space with the added bonus of being so close to everything that downtown Santa Ana has to offer. Preserving the affordability of this project will ensure that residents continue to enjoy these benefits for years to come.”
Santa Ana Towers was originally purchased and rehabilitated by TSA in 2001 with tax-exempt bonds and 4 percent Low Income Housing Tax Credit. CDT made a preferred equity investment, which allowed TSA to buy out its LIHTC limited partner.
“CDT prides itself on providing flexible capital that works well for both the needs of its clients and the properties it invests in and Santa Ana Towers is a great example of a positive result,” Dowling tells MHN.
This investment was CDT’s third California investment in 2012.