SANTA ANA, CA—Community Development Trust, based in New York City, has partnered with Thomas Safran Associates, a Los Angeles-based affordable housing developer and manager, to invest in the 200-unit Santa Ana Towers here.
The property at 401 West First Street in the downtown is an age-restricted, 100-percent project-based Section 8 property designed for seniors. The property was originally purchased and rehabilitated with tax-exempt bonds and 4 percent Low Income Housing Tax Credit equity by Thomas Safran in 2001. Community Development has made a preferred equity investment which allowed Thomas Safran to exercise its option to buy out its tax credit limited partner.
“With its close proximity to the downtown area and its abundant community space, Santa Ana Towers presented a real opportunity for us to help maintain high-quality living options within the community,” says Brian Dowling, the trust’s vice president of community investments. “Residents enjoy a comfortable, safe living space with the added bonus of being so close to everything that downtown Santa Ana has to offer. Preserving the affordability of this project will ensure that residents continue to enjoy these benefits for years to come.”
This investment was the trust’s third in California in 2012. In June, the trust acquired Pleasant View Apartments, a 60-unit, 100-percent affordable property, serving both seniors and low-income families in Fresno, Calif. In October, the trust also purchased a 100-unit, age-restricted, 100-percent Section 8 property in Salinas, Calif. called Steinbeck Commons.