Greystone affiliate America First Multifamily Investors, L.P. (ATAX) announced that it has purchased $72 million in tax-exempt and taxable mortgage revenue bonds for the acquisition of land and construction of a 200-unit seniors affordable housing property in Los Angeles. The community will be named Residency at the Entrepreneur and will provide housing for seniors earning a range of 30% to 80% Area Median Income. In addition, 99 of the units will be master leased by The People Concern, whose constituents are seniors, individuals at risk of homelessness, and low-income families.
At completion, the community will be owned by Residency at the Entrepreneur, LP, a California limited partnership. The borrower’s administrative general partner is ABS Entrepreneur, LLC, a wholly owned affiliate of ABS Properties, Inc., and the borrower’s managing general partner is Kingdom Entrepreneur, LLC, a wholly owned affiliate of Kingdom Development, Inc., a California nonprofit organization. The limited partner, and tax credit investor, is Columbia Pacific Advisors.
At stabilization, and no later than 36 months from initial closing, the tax-exempt bonds for the project will be partially redeemed, and ATAX will provide up to $45 million in permanent financing in the form of a 15-year term, 40-year amortized facility. This financing fits ATAX’s investment strategy, and Frank Bravo, Managing Director at ATAX, originated the transaction.
