The Community Development Trust and LINC Housing Corporation Acquire Pleasant View Apartments in Fresno, California
Partnership Is CDT's First Acquisition With a Nonprofit; Will Provide Social Services and Rehabilitation to Homes for Seniors and Low-Income Families
(firmenpresse) - FRESNO, CA -- (Marketwire) -- 07/11/12 -- (CDT), the country's only private real estate investment trust (REIT) with a focus on providing capital for the preservation of affordable housing, and LINC Housing Corporation (LINC), a Long Beach-based nonprofit builder of affordable housing for low-income families, seniors, and people with special needs, today announced that they have partnered to purchase Pleasant View Apartments in Fresno, Calif. The property is a 60-unit, 100 percent affordable development serving both seniors and low-income families living in homes that range in size from one- to four-bedrooms. The deal represents CDT's first acquisition with a nonprofit partner.
The partnership will allow CDT and LINC to provide new benefits for the residents of Pleasant View Apartments in the form of social services. LINC's resident services affiliate, LINC Cares, will be providing service coordination and on-site activities such as tutoring, health and wellness clinics, and special events for the first time at the property. In addition, the partnership will facilitate a rehabilitation of Pleasant View Apartments, including full kitchen renovations to each unit, roof and window replacements, and a new community center and playground for residents.
"As CDT's first equity purchase with a nonprofit partner, our investment with LINC, a well-established developer of affordable housing, is an important milestone for our organization," said Joseph Reilly, CDT's president and CEO.
"The quality affordable housing stock in Fresno is very limited, but Pleasant View Apartments presents an opportunity to help address the City's need by improving existing homes for a large number of low-income residents," added Brian Dowling, CDT's vice president of community investments. "Seniors and large families of five or more people currently occupy more than half of the homes at the property. We're looking forward to enhancing LINC's outstanding work in California and continuing CDT's mission to invest in affordable housing in underserved communities around the country."
"This is a milestone for LINC Housing as well," said Hunter L. Johnson, president and CEO of LINC. "We have traditionally relied on tax credits to fund our work, but as a result of the recession, we've had to find new ways to generate financing. Thanks to CDT's capital investment, together we're able to preserve and improve these affordable apartments for the seniors and families who call it home."
CDT partially financed the acquisition of Pleasant View Apartments with an acquisition loan from the Low Income Investment Fund (LIIF), which has previously worked with LINC on several other transactions. The LIIF loan will enable CDT and LINC to meet the needs of the seller to close quickly, but also provides an opportunity to work with HUD to pursue long-term financing through the FHA 223(f) program. LINC is providing additional funding for the purchase and planning through generous support from The California Endowment and JPMorgan Chase Foundation. Both have identified Fresno as a focus area for affordable housing.
CDT is the country's only 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 also serves as a secondary market provider for long-term debt which supports the development and preservation of affordable housing. After more than twelve years of operations, CDT has provided over $847 million in debt and equity capital to properties in 42 states -- helping to preserve and create more than 32,000 units of affordable housing.
LINC Housing, one of California's most productive nonprofit developers of affordable housing, has helped create more than 7,000 homes in 63 communities throughout the state. The organization's properties are known for excellent design, outstanding management and life-enhancing services for its residents. LINC has 28 years of service to families, seniors, and local governments helping to create sustainable communities via new construction, acquisition and rehabilitation, and historic preservation.
For CDT:
Maya Kriet
212.784.5706
For LINC Housing:
Holly Ferris
562.746.8461
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Datum: 11.07.2012 - 09:00 Uhr
Sprache: Deutsch
News-ID 1132178
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