NY-based firm invests $2M+ in Puerto Rico affordable senior housing
New York-based Community Development Trust, which provides long-term debt and equity capital for creating and preserving affordable housing across the US and its regions, announced its first equity investment in Puerto Rico.
CDT, in partnership with Volunteers of America National Services (VOANS), has invested $2.25 million to preserve a combined 235 units in Villa Esperanza (Carolina), Villa Providencia (Guaynabo), and Santiago Fajardo (Fajardo).
These properties are some of the only high-quality senior housing resources in the area that serve very low-income seniors under long-term Project-Based Section 8 HAP contracts and Low-Income Housing Tax Credit program requirements which will remain in place under this new ownership.
Banco Popular provided new first-position debt of $11.1 million, the firm confirmed.
“We’re proud to support the preservation of quality affordable housing in Puerto Rico. These properties will provide support services and transportation for 235 seniors,” said CDT President Joseph Reilly.
“This joint investment will ensure that these properties continue to provide high-quality, affordable housing for very low-income seniors for many years to come,” he said.
This is CDT’s third investment with Volunteers of America National Services and is “another example of CDT’s continued focus on partnering with strong, mission-aligned, nonprofit housing providers,” it stated.
CDT currently owns 755 units in joint-venture partnerships with Volunteers of America National Services.
Each property provides a full-time service coordinator to connect residents to supportive social and health services. In addition, each property offers residents transportation to appointments and shopping three days a week.
“We appreciate CDT’s dedication and commitment to affordable senior housing as it allows Volunteers of America National Services to expand its reach in Puerto Rico,” said Sharon Wilson-Geno, the company’s executive vice president.
“CDT understands and appreciates the economic and social benefits of investing in high-impact projects and in programs that bring national resources to support local affordable housing needs,” she said.
CDT describes itself as a double bottom-line company as a community development financial institution (CDFI) and private real estate investment trust (REIT) with a social impact mission.