WNC Provides Financing for Seniors Apartments in Long Beach, CA
- Sep 05, 2014
Long Beach, Calif.—Ramona Park Senior Apartments, an affordable senior housing community in Long Beach, Calif., has been completed. WNC, an Irvine, Calif.-based investor in real estate and community development, provided $6.9 million in low income housing tax credits to finance the development.
A vacant one-time bank building was demolished to make room for the new three-story, 61-unit community that stands at 3290 E. Artesia Blvd. Featured are 49 one-bedroom apartments and 11 two-bedroom residences for adults 55 and older, whose household incomes are at 60 percent or less of area median income. A parking garage fills the ground floor of the structure.
The property’s developer was DL Horn & Associates LLC, in association with WCH Affordable IV LLC and PC Long Beach Developers LLC.
“One of the principal challenges that was faced during the pre-construction phase was the elimination of the redevelopment agencies in California that were previously charged with providing substantial financing to properties such as Ramona Park,” WNC executive vice president and chief operating officer Michael Gaber tells MHN. He adds $12.4MM had been committed to the property from the previous redevelopment authority in Long Beach.
“That was put in jeopardy as a result of the abolishment of the redevelopment agencies across the state of California,” he says. “Fortunately for this property, the Long Beach Housing Development Company was able to step in in its place and provide the necessary funding to enable the property to be constructed. Many other properties around the state were not as fortunate.”
The provision of 61 apartments for older adults to the city of Long Beach “will enable seniors in the area to enjoy safe, decent housing, in a highly desirable area, at an affordable rent,” Gaber adds.
Each residence features an electric range and oven, window blinds, refrigerator, central heat and air conditioning, garbage disposal and dishwasher.
In addition, each apartment includes a patio or balcony.
Among amenities of Ramona Park Senior Apartments are a community room, passive seating and reading areas, swimming pool, oversized outdoor fireplace, business center, kitchen, library, gymnasium, dining area, storage area, common laundry facility, social services, public restrooms and on-site management.
“The creative reuse of this space was a collaborative effort involving input from neighborhood community members and the City of Long Beach Planning Department,” Gaber says. “Ramona Park enhances the local area, and provides seniors with numerous recreational and unit amenities within a comfortable place to call home.”