Joint Venture Acquires Northgate Terrace in California for $27.5M

by Jeff Shaw

OAKLAND, Calif. — A joint venture of Community Preservation Partners LLC and Related Affordable LLC has acquired Northgate Terrace, a 201-unit affordable seniors housing community in Oakland, for $27.5 million.

The joint venture will perform a complete renovation of the 11-story community, which was originally constructed in 1969 with a HUD 202 loan. The planned renovations will cost an additional $19.5 million.

Operating as Northgate Terrace Community Partners L.P., the joint venture will provide approximately $10.5 million in financing to acquire and rehabilitate the property. WNC, the parent company of Community Preservation Partners, will provide more than $15 million in additional equity via low-income housing tax credits. Citi Bank will fund the remaining costs with a permanent loan. 

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