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| Senior Residence at Iwilei, 888 Iwelei Road Honolulu, Hawaii |
HONOLULU, HAWAII – WNC, a national investor in real estate
and community development initiatives, announced today that a new 160-unit
affordable senior housing building, Senior Residence at Iwilei, has opened to
residents in Honolulu. WNC provided $24 million in low-income housing tax
credit (LIHTC) equity to fund construction of the community, where a dedication
ceremony attended by Hawaii Governor David Ige was held Dec. 9.
Senior Residence at
Iwilei is a 15-story, elevator-serviced building consisting of a mix of one-
and two-bedrooms units. Located at 888 Iwilei Road, the property
includes sky-walk access to the parking garage, on-site management, a laundry
facility, community room, secured entry and an adult day care center.
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| Hawaii Gov. David Ige |
In addition, organized
group activities, various social and health services, financial management and
budgeting are offered at the property.
An approximate 12,500-square-foot office
space, reserved for non-profit organizations, is located on the second floor of
the building.
The community is
available to residents aged 62 years and older who earn between 50 percent and
60 percent of the area’s medium income level.
Each unit includes a balcony or patio, carpeting, blinds, refrigerator, range,
garbage disposal and intercom entry.
“We couldn’t be more pleased to help deliver this wonderful
new property to Honolulu’s senior residents in need,” said WNC Executive Vice
President and Chief Operating Officer Michael Gaber. “This community
provides safe, comfortable and affordable homes replete with amenities of
particular value to seniors.”
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| Michael Gaber |
Senior Residence at Iwilei was developed by Pacific Housing
Assistance Corporation. The building also received financing from the Hawaii
Housing Finance and Development Corporation and the City of Honolulu.
WNC, founded in 1971
and headquartered in Irvine, Calif., is a national investor in real estate and
community development initiatives.
WNC has acquired more than $6.5 billion of
assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and
the U.S. Virgin Islands.
Since 2000, WNC has been awarded four New Markets Tax
Credit (NMTC) allocations, totaling $178 million, and has facilitated
development of 17 low-income community projects.
WNC’s investor base exceeds
19,500 institutional and retail clients, including Fortune 500 companies,
multinational banks, and insurance companies.
Additional information is
available at www.wncinc.com.
For a complete copy of the company’s news release, please
contact:
Julie Leber
Account Manager
Spotlight Marketing Communications
18101 Von Karman Avenue, Suite 330
Irvine CA 92612
949-427-5172, ext. 703
509-338-5676 - cell
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