Comité de Bien Estar (Comité), a nonprofit land development cooperative and member of the NeighborWorks® Network in San Luis, Arizona, received a $225,000 Predevelopment Bridge Loan from Community Housing Capital (CHC) in 2016. Comité’s plan was to develop a 60-unit apartment complex for seniors and chronically homeless individuals. In June of 2017, Comité received a $6,575,000 construction loan from CHC to build Las Brisas Sunset. The 15 one-bedroom and 45 two-bedroom apartments will be the first affordable, senior apartment complex in San Luis, Arizona.
The Las Brisas Sunset Apartments is one of several co-lending projects that CHC has done with Partners for the Common Good (PCG) and Mercy Loan Fund (MLF). MLF focuses on funding affordable housing and essential community infrastructure projects that support affordable housing. “CHC uses this loan participation model to better respond to the needs of NeighborWorks network borrowers. The leverage aspects of this model allows us to meet the needs of borrowers seeking to develop larger properties without concentrating too much of our portfolio in a few loans. PCG and MLF have been great partners and we look forward to continuing our work together” said Dave Landis, Senior Vice President and Chief Operating Officer at CHC.
San Luis, Arizona, a rural border town in the southwestern corner of the state, has experienced rapid growth over the past six years, especially among seniors. The Las Brisas Sunset Apartments will be a 55+ Elderly housing complex that is affordable at 40%, 50%, and 60% of area median income. Twenty percent (12) of the units will be set aside for 55+ Chronically Homeless individuals. Each unit will be powered by a solar array and there will also be a 1,550 square foot community center with kitchen facility and a leasing office.
CHC can help you determine the best mix of financing for your project. Call us to learn more at (404) 373-5662.