The properties include three affordable senior’s communities located throughout greater Los Angeles, CA. The three properties total 90 units and include Pacific Rim Apartments, Rancho Del Valle and Maple Park Apartments.
$18,785,000 fixed rate tax-exempt bond financing providing acquisition, preservation and permanent loan capital. The bond financing was done under one commitment from Red Stone, but under three separate bond issuances.
Red Stone purchased $19,150,000 of fixed rate tax-exempt bonds used to acquire and preserve Bellflower Friendship Manor. As part of the pRed Stone purchased $18,785,000 of fixed rate tax-exempt bonds used to acquire and preserve the three properties. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the long-term affordability of the communities for the low-income senior tenants.