LIVERMORE, CA – Catalyst Housing Group and the California Community Housing Agency announced the $49 million acquisition of The Arbors, a 162-unit rental property in Livermore, CA. In addition to investing $5 million in significant interior, exterior and common area enhancements, Catalyst and CalCHA will transition the currently market-rate property to a rent-restricted community serving middle-income households earning no more than 120% of Alameda County’s median income.
“The Arbors is what most in the apartment industry would call a value-add investment opportunity, which often results in significantly higher rents and displacement of the existing tenant population,” said Jordan Moss, Founder of Catalyst. “Our unique partnership with CalCHA protects existing tenants from the threat of displacement, provides our public partners with an immediate supply of desperately-needed middle-income housing, and guarantees the future affordability of that housing by placing palatable caps on future rental increases.”
Founded in 2015, Catalyst delivers greater affordability to the middle-income essential workforce through the acquisition, development and management of rent-restricted apartment communities. Upgrades to The Arbors will reflect Catalyst’s commitment to enhancing the lives of its residents through its focus on the intersection of housing, innovation and social impact. In addition to driving incremental affordability through the introduction of innovative multifamily management solutions, tools and partnerships, Catalyst will partner with its nonprofit arm, the Essential Housing Fund, to provide discounted rental rates to local public-school teachers.
“California is desperate for quality housing like this for the middle-income workforce,” said Linda Mandolini, President of Eden Housing, a non-profit leader in the provision of high-quality affordable housing. “Catalyst’s innovative capital structure complements the work the non-profit housing providers are doing while not eating up any of our resources. They can buy and offer middle-income housing quickly, making real solutions for this key segment of the population.”
Originally developed in 1985 as a market-rate rental community, a part of The Arbors was restricted to low-income households in 2002. But, The Arbors’ affordability covenants expired in 2012, at which time it reverted to a fully market-rate property.
“The City of Livermore shares common goals with Catalyst and CalCHA of making and preserving housing for the missing-middle,” said Livermore Mayor John Marchand. “On behalf of the City, I am thrilled that the much-needed affordability that ‘The Arbors’ once provided will not only be restored, but will be expanded such that 100 percent of the property will perpetually serve our essential middle-income households.”
Since launching their middle-income housing partnership in 2019, Catalyst and CalCHA have successfully bought in excess of $550 million of premier multifamily rental communities throughout Northern California. These formerly market-rate properties – The Arbors (Livermore, CA), Serenity at Larkspur (Larkspur, CA), Verdant at Green Valley (Fairfield, CA) and Annadel Apartments (Santa Rosa, CA) – have all since been converted to rent-restricted communities serving middle-income households.
“As a Mayor and advocate for healthy communities for the past six years I know the importance of making and maintaining affordable and workforce housing,” said Mayor David Haubert of Dublin, CA. “I’m encouraged to see this model take shape in the Tri-Valley area.”

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SANFORD, FL – Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, anticipates Sanford’s first new affordable housing complex in several years to open in October. Built on the site of the former Redding Gardens public housing development, Georgetown Square will give precedence to former Redding Gardens residents.
Seniors interested in the new Georgetown Square site, to be located at 400 S. Locust Ave., can start applying for housing as early as Monday. The $14.8 million apartment complex, with funding chiefly from housing credits, will include 90 one- and two-bedroom apartments.
The Sanford Housing Authority and Duvernay + Brooks served as development partners for the project and Winter Park Construction provided general contractor services. Stratford Capital and TD Bank are financial partners for the development.
“We are proud to jumpstart the first affordable housing complex in Sanford in years and look forward to revealing the transformation of this site into a modern apartment community this fall,” said Michael Gardner, President and CEO of Gardner Capital. “We hope this is the start of more much-needed affordable housing development in this area.”
Royal American Management will be property manager for the Georgetown Square senior apartments, which will include a fitness room, library, covered picnic area, multipurpose room, walking path and community garden.

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BEAVERTON, OR – Walker & Dunlop, Inc. announced that it arranged bridge financing in the amount of $51,884,493 for The Rise Central, a newly built, 230-unit apartment project in downtown Beaverton, Oregon.
The Rise Central is located in a burgeoning business district less than ten miles from downtown Portland, Oregon. Featuring brilliant walkability and proximity to the Central MAX light-rail station, the property has unparalleled access to nearby amenities and major employers including Nike’s World Headquarters and Intel’s Hillsboro campus. Additionally, the nearby Beaverton Town Square and Cedar Hills Crossing retail centers provide lifestyle amenities within walking distance.
The Walker & Dunlop team was led by Managing Director Eric McGlynn, who has extensive experience in structuring nonrecourse bridge loans and construction loans nationwide for apartments and other property types, including build-for-rent single-family projects. To complete the transaction, McGlynn worked closely with Ryan Welch and Brian Cornellof JCR Capital, an alternative investment manager and wholly owned affiliate of Walker & Dunlop, based in Denver, Colorado. The floating rate loan includes a two-year initial term plus a one-year extension option and will provide the owners with sufficient time to complete leasing the property, which was 82 percent leased at close. The loan was bifurcated into a senior loan from JCR Capital and a mezzanine loan provided by a third-party partner.
Said Mr. McGlynn, “It was a pleasure working with the JCR team to complete this complex financing for one of our largest clients, Rescore. During the pandemic, the bridge lending market has become quite fragmented. After marketing the transaction to several lenders, we found JCR to have the most competitive combination of loan proceeds and pricing. They reacted very quickly and were flexible in structuring the transaction.”
The Rise Central consists of two buildings with five and six tales respectively, and contains a mix of studio, one-, and two-bedroom units averaging 754 square feet. Community amenities include a rooftop terrace, 3,000 square-foot fitness center, a penthouse lounge, bike storage, and garage parking with electric vehicle charging stations. Units feature nine-foot ceilings, premium fixtures and finishes, oversized windows, and in-unit washers and dryers. Select homes also feature private decks. The ground floor of the property includes approximately 5,800 square feet of retail, which is primarily leased to a retail tenant and restaurant.
The project is owned by Rescore Property Corp and was developed in partnership with local developer Rembold Companies. Rescore is a private REIT managed by Encore Capital Management, manager of three fund vehicles with over $3B AUM and whose principals are Art Falcone and Tony Avila. Encore, based in Boca Raton, Florida, has 20,000 residential units under ownership and/or development.

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