Hunt Real Estate Capital announced today it provided a loan in the amount of $25.5 million under the HUD 223(f) Heavy LIHTC program to finance a multifamily property located in La Mesa, California.
La Mesa Springs is a low-income HUD subsidized 62+ elderly project that consists of an eight-story apartment building containing 129 apartment units. The property was built in 1980‐1981 and includes an onsite rental office and a separate single-story community building. The development team is made up of Jonathan Rose Companies and Wakeland Housing & Development Corporation.
Proposed project improvements include fully renovated kitchens, including replacement of appliances with energy‐efficient models, new kitchen counters, refinished kitchen cabinets and hardware; new bathroom vanities and medicine cabinets; new plumbing and lighting fixtures; interior and exterior window and door upgrades as necessary; fully redesigned common spaces; new fitness center; new business/learning center; updated lounge, library, and leasing areas with added amenities.
“Despite the extensive updates planned, the property is in very good condition and will continue to be well maintained,” noted Tim Hoppin, Director, Affordable Originations at Hunt Real Estate Capital. “The repairs are designed to replace items nearing the end of their useful life and continue to offer tenants a high quality home.”
“La Mesa Springs is a great example of how FHA financing coupled with 4% LIHTCs can preserve much needed affordable housing. La Mesa has a stable tenant base with a waiting list and has historically held 100% occupancy – there is a large demand for this type of housing in the local area. We were pleased to play a role in this unique project to offer elderly low-income residents of La Mesa high quality, affordable housing,” concluded Hoppin.
La Mesa, California is located less than nine miles east of downtown San Diego.