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1/30/15
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CBRE Group arranged $6.2 mil in refi money for The Heritage Apartments, an affordable apartment community for senior residents (62+) located in the Bay Area city of Concord. The loan was funded through HUD’s Section 223(f) program, providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure.
The loan will refinance existing debt and provide funds for moderate capital improvements to The Heritage, a 196-unit, nine-story apartment building. Funded improvements include HVAC units, appliances, fixtures and cabinetry, general site upgrades and increased accessibility. In addition, the loan will provide approximately $5.7 mil in additional cash to the sponsor to assist in the refinancing of the neighboring Plaza Tower Apartments.
Originally constructed in 1976, the property contains 88 studio units, 70 junior one-bedroom units, and 38 one-bedroom units. The property was originally developed as a HUD affordable apartment complex under the 236 program and currently receives project-based Section-8 rental assistance on 121 of the units. The property is well located along the south side of Pacheco Street between Grant Street and Colfax Street in downtown Concord; the neighborhood is very walkable and within proximity to numerous amenities, including a local farmer’s market just across the street.
The property is owned by Concord Homes Inc, a California non-profit corporation formed in 1970 to provide housing to elderly and handicapped persons in the Concord area. Day-to-day operation of The Heritage is trusted to Barcelon Management, overseen by Concord Homes’ board of directors.
The financing of The Heritage was originated by John Taylor, Senior Vice President of CBRE Debt and Structured Finance in CBRE’s Seattle office. CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.
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