Nixon Peabody LLP announced it recently advised St. Stephens Retirement Center, Inc., and CRP Affordable Housing and Community Development LLC on a complex financing transaction and status conversion that will provide decades of financial certainty, as well as funding to rehabilitate the property.
The firm said a U.S. Department of Housing and Urban Development (HUD) program—informally known as RAD for PRAC—can help owners of eligible seniors housing properties convert existing rental assistance contracts to enable access to private capital for conducting repairs and improvements, as well as maintaining ownership in affordable housing properties.
“This is a transformational deal for St. Stephens, and we are thrilled to see the impact it will continue to have for years to come,” Monica Sussman, senior counsel with Nixon Peabody’s Affordable Housing & Real Estate practice, said in the announcement. “We are also proud to have worked on the first RAD for PRAC transaction in California, and only the fifth such project in the country.”
