SACRAMENTO, CA – A collaboration between the California Housing Finance Agency, local and federal partners, nonprofit developer BRIDGE Housing Corporation and other contributors has resulted in a sparkling renovation of Ocean View Senior Apartments in the Bay Area community of Pacifica.

CalHFA, the state’s affordable housing lender, provided the project with a small-term acquisition/rehabilitation loan of more than $18 million, a 40-year permanent loan of $9.35 million and a nearly $2 million subordinate loan to finance the acquisition and renovation of the property. In addition to these financial considerations, which helped make the deal viable for the buyers and sellers, CalHFA helped go the project toward completion by working with the U.S. Department of Housing and Urban Development (HUD) to secure the waivers necessary to ensure that all current residents could maintain their occupancy.

In an area that struggles with high rents and significant demand for senior housing, CalHFA contributions extended the affordability of the existing 100-unit Ocean View Senior Apartments for another 55 years.

“Working in conjunction with our housing partners like BRIDGE, San Mateo County, the City of Pacifica and HUD, allowed us to maximize the resources available for this project,” said Tia Boatman Patterson, CalHFA Executive Director. “As a lender with a purpose, it is vital to us to help provide senior residents with safe and comfortable housing with affordable rents for many more years to come.”

Ocean View Senior Apartments has provided affordable housing for seniors in Pacifica since 1973. In 2000, National Church Residences of Pacifica, CA bought the property with financing from CalHFA, the City of Pacifica and the County of San Mateo, thus maintaining its affordability. Ocean View was bought in October 2015 by an affiliate of BRIDGE Housing Corporation, which oversaw the renovations to modernize and update the property.

In addition to the CalHFA financing, the County of San Mateo restructured two existing loans and provided new rental subsidies for 31 of the units. BRIDGE Housing Corporation also accessed a low-income housing tax credit program to provide additional equity.

“Creative partnerships like this one will be vitally vital as housing entities around the state try to find ways to make and preserve the affordable housing that so many people need,” Patterson said.

The Ocean View collaboration made it possible to make upgrades to residential units, replace aging building elements and switch to more efficient and better performing systems, as well as, provide enhanced on-site services, such as free nutrition programs, wellness classes and referral services, all of which ultimately serve to enhance the quality of life for the senior residents.

Powered by WPeMatico

NEW YORK, NY – Blackstone Mortgage Trust and Walker & Dunlop announced that they have entered into a joint venture to originate, hold and finance multifamily bridge loans. Walker & Dunlop, one of the nation’s largest nonbank originators of Fannie Mae, Freddie Mac and U.S. Department of Housing and Urban Development loans, will contribute 15% of the venture’s equity capital and BXMT will contribute 85%. 

The joint venture’s floating rate, first mortgage loan product targets assets prior to their eligibility for permanent agency financing.  This comprises an addressable market estimated to be upwards of $20 billion.

Steve Plavin, BXMT’s Chief Executive Officer, said, “Walker & Dunlop’s market leading multifamily and agency loan footprint makes it an ideal partner for us as we seek to help borrowers bridge their financing until an agency take out.  We are very excited about the increase in investment volume that the joint venture will provide for BXMT.”

Walker & Dunlop Chairman and CEO, Willy Walker, said, “The JV with BXMT will allow us to significantly expand our bridge lending business better serving our client base’s vast demand for capital and unlocking growth potential commensurate with the scale of our agency origination business.”

Blackstone is one of the world’s leading investment firms. Blackstone’s asset management businesses, with over $360 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.

Walker & Dunlop is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties.

Powered by WPeMatico

LOS ANGELES, CA – Affirmed Housing and PATH Ventures celebrate the groundbreaking of PATH Metro Villas, a 65-unit permanent supportive housing project that will serve low-income individuals many of whom are experiencing homelessness, chronic homelessness or poverty with a significant rent burden.

Following the victorious win of Measure H and HHH in Los Angeles County, the well attended celebration included notable speakers such as LA County Supervisor Mark Ridley-Thomas, Jacqueline Waggoner of Enterprise Community Partners, Ben Metcalf of CA Dept. of Housing and Community development and more.

PMV will offer fifty-one units designated as Supportive Housing units and fourteen units will be for low-income households earning no more than 60% of the area median income. Located on the PATH campus, this is the third endeavor between Affirmed and PATH Ventures.

The new six tale building will consist of 33 studio units, and 31 one-bedroom units. The building includes a large community meeting room as well as 2,800 square feet in community facility space that will house veteran services, in addition to a lobby with property management and case management offices. Site amenities include a communal kitchen; 2 rooftop terraces, convenient laundry facilities, bicycle parking, security cameras, a large community facility, and a community room that contains significant natural light.

“We are proud to again partner with PATH Ventures to develop housing for the homeless. Services will be provided to residents to help them acclimate and again contribute to society. The new development will enlarge and strengthen the PATH mall and their mission to serve the homeless.” James Silverwood, President and CEO.

Headquartered in San Diego, Affirmed Housing Group is dedicated to improving and sustaining the viability of California through the development of affordable housing. The company aims to enhance communities and our environment by building professionally-managed, high-quality, green, multifamily, senior and homeless housing.

Powered by WPeMatico