Coronado & Vista Terrace

Coronado Terrace Apartments, 1151 25th St, San Diego, CA
Vista Terrace Hills Apartments, 1790 Del Sur Blvd, San Ysidro, CA
574 units

Services Provided:

Overview

$120M Multifamily Acquisition Rehab of LIHTC (Low Income Housing Tax Credit) properties.

Property identification, underwriting, contract negotiation, designed renovation scope, sourced and negotiated joint venture and debt financing.

$120M, 574 units acquired on behalf of Eden Housing from Related California.
Acquisition, renovation and preservation of two large properties with expiring tax credits and in dire need of renovation.
Challenge was to provide acquisition, renovation and bridge financing to an ultimate resyndication with new tax credits.
Significant renovation budget of $80M ($140K/unit).

Buyer was a non-profit entity

Required multiple state and local agency approvals

Required sophisticated financing structure

Buyer was a non-profit entity vying for a high profile acquisition opportunity with a competitive bidding process involving multiple for-profit buyers.
Required multiple state and local agency approvals which were ultimately obtained within 90 days.
Required sophisticated financing structure with multiple parties to secure loan, mezzanine financing and equity joint venture within 90 days.

Won highly competitive bidding process

Obtained financing within 90 days

Obtained regulatory approvals in 90 days

Won highly competitive bidding process through strength and credibility of Buyer and demonstration of financing commitments.
Obtained joint venture, mezzanine loan and debt financing requiring less than 2% of sponsor equity within 90 days of contract execution.
Obtained regulatory approvals from CDLAC, TCAC, San Diego Housing Commission and HUD within 90 days of contract execution.
Preserved 574 units of affordable housing with long term stewardship of an experienced non-profit entity.