Berkeley Point Capital Provides $32.9M FHA 221(d)(4) and 4% LIHTC Loan
July 14, 2016
Bethesda, MD – Berkeley Point Capital recently closed a $32.9 million Low Income Housing Tax Credit Loan (LIHTC) for the phase 1 construction of the Las Cortes Apartment Community in Oxnard, CA. The 144-unit community will replace obsolete public housing and incorporate Project-Based Section 8 Vouchers on 142 of the 144 units to maintain the community’s affordable housing supply. The loan closed on June 29, 2016.
Berkeley Point Capital originated the FHA 221(d)(4) new construction loan as part of a financing package that includes 4% Low Income Housing Tax Credits and short-term tax-exempt bonds from the State of California (CTCAC) and California Debt Limit Allocation Committee (CDLAC), equity bridge financing, and subordinate financing from the City of Oxnard.
“We are thrilled to be a capital partner for Urban Housing Communities (UHC) and provide innovative financing solutions to an affordable housing market that has been, as well as many others in the state of California, underserved with quality, clean, and safe affordable housing,” said Matt Naish, Director of Berkeley Point Capital’s Affordable Housing program in San Francisco, CA.
Part of a master-planned community, the Los Cortes Apartment Community is a two-phase affordable housing construction project involving both UHC and the City of Oxnard that will consist of one, two, three, and four-bedroom units that will average 950 square feet per unit. The community will contain 9 two-story town home buildings and 1 three-story building. Amenities will include a large community building with both fitness and business centers, as well as separate laundry, playground, tot lot, and picnic areas. Free garage and surface parking will be available to residents. All units will be high speed internet-ready and include energy efficient appliances. 24 hour emergency maintenance will be available.
“Berkeley Point Capital’s participation as the term lender was critical to the success of the overall transaction and to the realization of a wonderful new housing community for the families of Las Cortes,” said Doug Bigley, CEO of UHC.
for further information contact:
Business: Corey Debnam Cooper, Berkeley Point Capital, Managing Director
Media: Bonnie Taylor, Marketing
about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading providers of multifamily capital solutions. The firm boasts a 29+ year history and a servicing portfolio of $52 billion representing in excess of 2,900 loans in 47 states and the District of Columbia. This extensive and diverse national platform allows us to provide our clients with superior execution in every market in the country. As part of its multifamily, seniors housing and healthcare expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, FHA, Life Company and Conduit products, as well as a proprietary bridge program.