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SOURCE: Group Gordon
Property was CDT’s Third Investment in California in 2012
NEW YORK, New York (PRWEB) February 19, 2013
The Community Development Trust (CDT), the country’s only national community development financial institution (CDFI) and private real estate investment trust (REIT) with a focus on providing capital for the preservation of affordable housing today announced that it has partnered with Thomas Safran Associates (TSA), a Los Angeles-based affordable housing developer and manager, to invest in Santa Ana Towers in Santa Ana, California. Santa Ana Towers, located at 401 West First Street in downtown Santa Ana, is a 200-unit age-restricted, 100% project-based Section 8 property designed for seniors. The property was originally purchased and rehabilitated with tax-exempt bonds and 4% Low Income Housing Tax Credit (LIHTC) equity by TSA in 2001. CDT made a preferred equity investment which allowed TSA to exercise its option to buy out its LIHTC limited partner.
The property provides safe, affordable housing for seniors over the age of 62 and easy access to Santa Ana’s downtown district. It also features a large recreation area and exercise room as well as regularly scheduled activities for residents, including crochet and bingo. Each one-bedroom unit includes a kitchen and a patio or balcony.
“With its close proximity to the downtown area and its abundant community space, Santa Ana Towers presented a real opportunity for us to help maintain high-quality living options within the community,” said Brian Dowling, CDT’s Vice President of Community Investments. “Residents enjoy a comfortable, safe living space with the added bonus of being so close to everything that downtown Santa Ana has to offer. Preserving the affordability of this project will ensure that residents continue to enjoy these benefits for years to come.”
This investment in Santa Ana Towers was CDT’s third in California in 2012. In June, CDT acquired Pleasant View Apartments, a 60-unit, 100% affordable property, serving both seniors and low-income families in Fresno, California. In October, CDT also purchased a 100-unit, age-restricted, 100% project-based Section 8 property in Salinas, California called Steinbeck Commons. The investment in Santa Ana Towers furthers CDT’s mission of providing capital for the preservation of affordable housing in underserved markets.
“The structure of this investment perfectly matches the long- and short-term financial needs of the project,” said Anthony Yannatta, TSA’s Director of Finance. “We enjoyed working with such an experienced, mission-driven partner throughout the transaction.”
CDT is the country's only national CDFI and private real estate investment trust with a focus on providing capital for the preservation of affordable housing. Working with local and national partners, our organization makes long term equity investments in affordable housing and both originates and purchases long-term mortgages which supports the development and preservation of affordable housing. After more than twelve years of operations, CDT has provided over $850 million in debt and equity capital to properties in 42 states -- helping to preserve and create more than 32,000 units of affordable housing.
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