|
|
11/25/14
|
Golden Empire Affordable Housing Inc (GEAHI) has obtained $7.8 mil in refi money for Jasmine Heights Apartments, an affordable apartment community located in Delano, CA. The loan was arranged by CBRE Group Inc through its FHA lending platform and was funded through HUD’s Section 223(f) Low Income Housing Tax Credit (LIHTC) Pilot Program, providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure.
The loan will finance the rehabilitation of Jasmine Heights Apartments, a 128-unit, garden-style apartment community with 64 two-bedroom units, 40 three-bedroom units and 22 four-bedroom units spread between 16 buildings located in northeastern Delano. The two-story community is 100% affordable catering to individuals with incomes at or below 50% and 60% of area median income. The property features a clubhouse, community center, swimming pool & spa, playground, picnic area and a laundry facility.
GEAHI secured 4% LIHTCs for the property through the California Tax Credit Allocation Committee, qualifying them to take advantage of the higher rehabilitation limits and increased efficiency available under the Pilot Program. The project will receive moderate improvements under the Pilot Program, including refurbished common areas, a new tot-lot, new HVAC units, new high-efficiency water heaters, ventilation fans and replacement of fixtures, appliances and cabinets, as well as modernizing accessible units.
The financing of Jasmine Heights was originated by Joe Litten, Vice President, and Mary McDonald, First Vice President, of CBRE Debt and Structured Finance in CBRE’s San Francisco office. Stephanie McFadden, Managing Director, said, “HUD’s Tax Credit Pilot Program facilitates the preservation of affordable housing, providing long-term, fixed rate financing for properties like Jasmine Heights.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
