 |
| 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
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