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Century Housing has acquired CityView apartments in Wrigley area of Long Beach for $66.5 million. The 296-unit multifamily community houses seniors making less than 60% of the median area income.

Century Housing acquired the property using a non-volume cap real estate secured tax-exempt bond offering in combination with an unsecured privately placed AA- rated tax-exempt bond, which is a rare method to raise capital. The remainder of the capital stack included the issuance of two separate but coordinated 501(c)3 bond sales: a $48 million public execution with Wells Fargo as the underwriter and a $21 million private placement to Barclays through U.S. Bank as underwriter and placement agent. Century says that this buying structure will help to preserve the affordable rents, preserving low-income homes for nearly 300 seniors.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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