Los Angeles—U.S. Bank has announced that it will provide more than $55.1 million in financing to help Retirement Housing Foundation develop two senior affordable housing communities that will break ground this month (6/7 and 6/14) in Los Angeles. Commitments to the projects include $24.9 million in construction debt and more than $30.2 million of LIHTC equity through its tax credit investment subsidiary, U.S. Bancorp Community Development Corp.
“U.S. Bank is pleased to partner with Retirement Housing Foundation, a highly respected developer in California and across the country,” says Sean Foley, president of U.S. Bank in Southern California. “We are committed to providing funding for affordable housing in Southern California, and senior living is an important and necessary component to these communities.”
Broadwood Terrace, in South Los Angeles, and Las Alturas, in East Los Angeles, will provide a combined 165 units of affordable housing for eligible seniors. The communities have 153 units of HUD 202 Section 8 rental subsidies for those eligible seniors 62 years and older. The remaining 12 units will have affordable rents for eligible seniors 55 years and older. The properties, which are both LEED-certified, will be completed in late summer/early fall 2014
Beech Street closes $8.5M Tampa refi
Tampa, Fla.—Beech Street Capital has closed an $8.5 million Fannie Mae conventional loan to refinance Avenue Club Apartments, a 216-unit apartment community located in Tampa. This was the borrower’s third transaction with Beech Street since 2011. The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, two-years of interest only with 30 years of amortization thereafter, payable on an actual/360 basis.
The borrower picked up the 19-building asset in 2011, and implemented a capital improvement plan that involved a new clubhouse, fitness center, landscaping and exterior painting. Amenities include a swimming pool with deck and gazebo area, a grill area, tennis court, gated entry, community kitchen and lounge area.
Alliant Capital completes $975,000 loan
Layton, Utah—Alliant Capital LLC announced the closing of a $975,000 acquisition loan on Oakmont Apartments, an 18-unit garden style multifamily property built in 2004, located in Layton, Utah. This transaction was originated by Don Frankman, Alliant’s Director of Small Loan Production, in the Orange, Calif., office.
The loan was closed on May 30, 2013 with a 4.56 percent interest rate and structured with a 10-year fixed rate term and a 30-year amortization.