NeighborWorks Capital is a participant with Community Housing Capital (CHC) in a building acquisition loan to Eden Housing. CHC is serving as the lead lender on the $13 million loan, with NeighborWorks Capital serving as a $3 million participant. Eden Housing is purchasing the Trinity Plaza Apartments in Richmond, CA, in a joint venture partnership with the Community Housing Development Corporation in North Richmond.
Trinity Plaza Apartments is an operating affordable senior housing development, and this transaction will allow for continued affordability for 65 low-income seniors in an area of rising rental costs. Additionally, funds will be used to introduce a rich resident services environment, a priority in advancing Eden Housing’s mission to build and maintain high-quality, well-managed, service-enhanced affordable housing communities that meet the needs of lower-income families, seniors, and persons with disabilities.
Formed in 1968, Eden has 55 years of experience in developing affordable housing. Eden’s footprint is primarily in northern California, with most projects in or near the San Francisco Bay Area. Over its history, Eden has developed 11,781 units and currently manages 9,803 units in 50 cities and 15 counties throughout California. The organization has an outstanding reputation as a developer and as a property manager in the East Bay and provides rich resident services programs to increase the quality of life for residents, including those at Trinity Plaza.
We are excited to be a part of this project in participation with lead lender CHC, a strong CDFI partner also supporting NeighborWorks America network organizations with flexible loan capital to create affordable housing. We look forward to continuing to work in partnership with CHC to achieve our shared objective of supporting the NeighborWorks America network as a powerful catalyst for locally driven community advancement.
Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information.