Southern California’s “can’t miss” affordable housing event is just around the corner. SCANPH will host its 25th Annual Conference on Friday, November 1st at the JW Marriott Hotel in Downtown LA, and it’s not too late to register and take part in the most dynamic affordable housing events around.
This year Century is sponsoring, exhibiting, and participating in an early afternoon panel titled Social Impact Reporting: Telling Our Story. Brian D’Andrea, President of Century Villages at Cabrillo, will join the session moderated by Century’s Loan Officer, Neha Shah, to share insight into the successful adoption of investor-focused impact reporting which demonstrates the social, environmental, and economic returns on investment.
Century had a productive month, closing four loans throughout Southern California:
–$1,620,000 in predevelopment financing will help build Baldwin Park Apartments, a 72-unit workforce housing project developed by ROEM Development Corporation, which will also create 84 FTE construction jobs.
–Diversified Equity Group received a $8,500,000 construction loan for 61 homes in Sylmar. Construction of Villa Marbella Apartments will create 71 jobs.
–Hawthorne Family Apartments, 127 units of workforce housing developed by Pacific Companies, is off the ground thanks in part to $2,071,000 of acquisition financing.
–Finally, Reseda residents can look forward to 4 new homes developed by Uzi Levi using a $900,000 construction loan.
You may have caught our Senior Vice President, Aaron Wooler, at the Novogradac 20th Annual Affordable Housing Tax Credit Conference earlier this month, where he took every opportunity to praise the utility of the Golden State Acquisition Fund and share Century’s experience in leading loan originations under the valuable program. To date, Century has closed seven loans and is projected to close five more loans through the GSAF before the end of the year, totaling $64,342,500 in financing. There’s plenty more capacity, so don’t hesitate to give Aaron a call at 310-642-2019 or to visit the Century lending page for details.
Last month Century closed two loans with Skid Row Housing Trust:
—$2,100,000 in acquisition financing will help Skid Row Housing Trust develop Sherman Way Apartments in Downtown Los Angeles: 65 units, most of which are reserved for homeless veterans with special needs.
—Just a few blocks south, Skid Row Housing trust is building Carondelet Apartments, 52 affordable homes also targeting homeless veterans. This project is being supported by $1,125,000 in acquisition financing.
Both developments will include an array of resident services including case management, substance abuse support, employment support services, and job search training.
Residents of the City of San Fernando have Aszkenazy Development, Inc. to thank for Park View Place, a new residential development providing 62 homes affordable to low-income individuals and families, with some reserved for those with special needs. Aszkenazy Development has played an integral role in revitalizing the City of San Fernando, with Park View Place being just one of their standout achievements. Park View Place is strategically located directly across from a park and regional pool facility and features a large courtyard, gym, outdoor community firepit, computer lab, and resident services provided by L.A. Family Housing and Partners in Care.
Los Angeles County Supervisor Zev Yaroslavsky joined San Fernando Mayor Antonio Lopez to stress the positive economic and social impacts of affordable housing development. Century was recognized for providing critical financial support through $650,000 in acquisition financing and a $791,000 letter of credit during the course of construction.
Exactly two years after a smashing groundbreaking ceremony, Los Angeles City Councilman Dennis Zine returned to Reseda to unveil Canby Woods, the latest affordable housing wonder developed by Thomas Safran & Associates. Like their previous Del Rey Square, the project includes landscaped gardens and outdoor sitting areas and warmly decorated interiors which, this time, will house 98 low-income seniors.
Canby Woods was achieved through a long-term private-public partnership between Thomas Safran & Associates, Los Angeles City Community Redevelopment Agency, and Los Angeles Housing Department. Councilman Dennis Zine stressed the importance of collaboration in affordable housing, after which Neha Shah accepted recognition for Century’s contribution of $705,600 in predevelopment financing, which helped kickstart the project.
We reported on attention Long Beach Senior Arts Colony was getting from PCBC and Affordable Housing Finance last month. This month, Multi-Housing News ran a lengthy feature which details the partnership between the developer, the state, conventional banks, and Century. Congratulations to Meta Housing for all the well-deserved publicity!
Lending activity picked up in July with Century closing two loans within a span of two weeks:
—The Core Companies received $8,672,745 in acquisition financing for 236 low income family homes in San José which will become Newbury Park.
—Vitus Group’s Meadowbrook Apartments, 448 low-income family units in San Diego, received $1,500,000 in Century predevelopment financing.
Last month, The Los Angeles Business Journal announced that Century has been nominated for the 3rd Annual Nonprofit & Corporate Citizenship Award. Century not only creates affordable housing in California, but is a prominent contributor in numerous charitable activities and events. Some of the organizations that Century has contributed to include YMCA, Midnight Mission, Children’s Action Network, People Assisting the Homeless, Good Shepherd Center, Shelter Partnership, Alzheimer’s Association, St. John’s Well Child & Family Center, and Affordable Living for the Aging.
Century believes in supporting underserved communities through financial support in charter schools, childcare facilities, youth programs, job training and satellite health centers.
Century also encourages company-wide charitable efforts such as Adopt-A–Home and Adopt-A–Camper for the less fortunate to provide for household goods and special events for families at the Century Villages of Cabrillo in Long Beach, California.
Look out for the Century’s 2012 Annual Report due to arrive sometime this week. The theme, Lending Matters, explores the tremendous opportunities for investment throughout California with diverse examples of Century’s acquisition, bridge, and construction loan products in action. If you have not joined our mailing list, please add your address here and download the PDF version of the report.