San Diego Affordable Community Lands $4M HUD Loan
- Mar 14, 2019
The Wentwood Cos., through one of its entities, has received a $4.2 million refinancing loan for Arbor Terrace Apartments, an affordable community in San Diego. Love Funding has arranged the financing through HUD’s 223(f) program.
In 2007, the property received a $6.7 million construction loan from the San Diego Housing Commission, which includes a LIHTC component, according to Yardi Matrix. The current refinancing package obtained by Love Funding ensures a permanent financing solution for the community, making it easier for management to conduct renovations and maintenance. The non-recourse loan carries a 4.34 percent interest rate and is held by Midland States Bank. The owner retained Westlake Housing as manager.
Arbor Terrace Apartments is located at 3701 Florida St. The community comprises 23 two-bedroom, 34 three-bedroom and 14 four-bedroom units, ranging from 1,033 to 1,311 square feet. The 79,207-square-foot community features common-area amenities such as:
- business center
- laundry facilities
- 138 parking spaces
Besides its fully affordable status, the community is also partially age-restricted. Arbor Terrace Apartments is situated in central San Diego, near several points of interest and within a short distance from large employers. Nearby are a park with walking trails, multiple restaurants, bars and retailers. Interstates 805, 5, 15 and 8 are within minutes from Arbor Terrace.
Photo courtesy of Yardi Matrix