SAN FRANCISCO—CBRE Group, Inc., through its direct HUD FHA lender, CBRE HMF, Inc., has completed acquisition and renovation financing for the Ashwood Downs Apartments in Olympia, WA and the Atherton Woods Apartments in Vancouver, WA. The loans for these affordable housing developments, $8,700,000 for Ashwood Downs Apartments and $9,000,000 for Atherton Woods Apartments, were funded through HUD’s Section 221(d)(4) program providing substantial rehabilitation financing together with a 40-year, fully-amortizing permanent loan.
Ashwood Downs, situated on a 5.25 acre site, was constructed in 1995 under the Section 42 Low-Income Housing Tax Credit (LIHTC) Program and provides 96 units in two and three bedroom layouts. Atherton Woods was constructed in 1994, also under the Section 42 Low-Income Housing Tax Credit (LIHTC) Program and provides 102 units in two and three bedroom layouts. Both properties are available to qualifying tenants at 50% or 60% of area median income. The tax credits related to each of these properties will be resyndicated and the affordability restrictions will be extended for another 30 year term. The project Sponsor – Allied Real Estate Partners, LLC – is planning renovations that will include updates to the buildings’ exteriors, common areas and individual unit interiors.
Jayne Hulbert, President of CBRE HMF, said, “We are pleased to work with Allied Argenta to provide financing for Ashwood Downs and Atherton Woods; the renovations will refresh the existing Low-Income Housing Tax Credit projects. This will allow the properties to continue to meet HUD FHA’s mission to provide affordable multifamily housing in Olympia and Vancouver, WA. HUD FHA mortgage programs continue to offer attractive financing for LIHTC and market-rate assets with low interest rates, high leverage, and terms of up to 40 years.”
The financing of the Ashwood Downs and Atherton Woods projects was originated by John Taylor, First Vice President of CBRE HMF, in the Seattle office.