LOS ANGELES — Red Stone Tax-Exempt Funding LLC recently provided $18.8 million in bond financing to BlueGreen Preservation and Development. The tax-exempt bonds will be used to acquire and rehabilitate a 90-unit portfolio of affordable seniors housing properties in the Los Angeles metro area.
The properties acquired are Pacific Rim Apartments, Rancho Del Valle and Maple Park Apartments. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the long-term affordability of the communities for the low-income seniors.
The rehabilitation budget for the properties is more than $35,000 per unit.
BlueGreen is a California-based company that develops and preserves affordable housing.