WNC’s Community Preservation Partners Joint Venture Acquires Northgate Terrace in Oakland, CA

Anand Kannan

OAKLAND, CA – June 3, 2015 – WNC, a national investor in real estate and community development initiatives, announced today that its subsidiary, Community Preservation Partners LLC, has acquired Northgate Terrace, a 201-unit affordable senior housing community in Oakland, Calif., in a joint venture with Related Affordable LLC, for $27.5 million.

The joint venture will perform a complete renovation of the existing property, originally constructed in 1969 with a HUD 202 loan.

The project is expected to cost approximately $47 million to complete, including acquisition and renovation. 

“This project required unique financing that included prepayment of the existing HUD loan under a preservation transaction, and the agency’s acceptance of the revaluation of the property to market rate,” said Anand Kannan, president of WNC’s Community Preservation Partners, LLC. “This enabled the joint venture to secure the financing required to properly rehabilitate and maintain this community as part of the nation’s desperately needed affordable housing inventory.”

For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com