Candeur Group is pleased to announce they have closed a $17M Low-Income Housing Tax Credit (LIHTC) Equity Investment in a 132-unit property located in Los Angeles County, California. The property, La Puente Park Apartments, is the re-syndication of an existing family property originally built in 1969 and rehabilitated in 2002 using the LIHTC program. The project developers, Preservation Partners Development (PPD), will invest approximately $90,000 per unit of rehabilitation to preserve the units for the tenants in this 100% HUD Project-Based Section 8 Contract community. In addition to the LIHTC Equity Investment, the property was financed with $16.9M of short-term bonds underwritten by Citigroup Global Markets, Inc; a $29M FHA 221(d)(4) loan provided by Red Mortgage Capital, LLC and $6.6M of seller financing.
“La Puente Park represents the tenth (10th) property we have syndicated with PPD and we are thrilled to continue our partnership with them,” states Catherine Talbot, Partner at Candeur Group. “Preservation of LIHTC housing is critical especially in high-cost housing markets like Los Angeles.”
Chuck Treach, Development Director of PPD adds, “PPD owns and manages approximately 3,600 units of LIHTC housing and we are as committed to preserving our affordable housing portfolio as we are to adding to it. The $90,000/unit La Puente rehabilitation plan will replace major systems and completely renovate the unit interiors and common areas. We hope our residents are as excited as we are to see the finished product.”
About Candeur Group – Candeur is an investment banking firm for the affordable housing industry providing syndication as well as advisory services to affordable housing developers, syndicators, and investors. Since its inception in 2013, Candeur Group has invested more than $300m through LIHTC syndication funds and their US Treasury-certified Community Development Financial Institution fund.
