Anaheim Housing Authority & Affiliate of Innovative Housing Opportunities Finance the Acquisition of the Sandman Motel

The Anaheim Housing Authority and El Verano Apartments, L.P., an affiliate of Innovative Housing Opportunities, closed escrow and financing for development and operation of a new, 54-unit senior affordable housing project. The acquisition of the Sandman Motel was a way to close a problem motel with a history of criminal activity and first responder calls for service and provide much needed affordable housing for seniors, including disabled and homeless seniors.  Financing and equity funding for development of the Project includes:  (i) $15,902,522.00 construction loan from CIT Bank; (ii) $14,690,897 from Boston Capital as Tax Credit Investor; and (iii) two subordinate loans from the Anaheim Housing Authority, $4,081,964.00 of housing successor funds and $2,336,000.00 of federal HOME Program funds.