Alliant Capital announces today the closing of Essex Tower. The Project is the new construction of 70 multifamily apartments in Lancaster, California. This property will serve homeless seniors, disabled adults, and low-income SRO residents.
Community amenities will include a lounge, garden, picnic area, fitness center, library, and computer lab. The Project will contain sixty-nine (69) units which will be set aside for homeless and formally homeless seniors 55+ and one manager’s unit. The Project will benefit from a 15-year project based Section 8 contract for all 69 LIHTC units. The Lancaster Adult Day Care Center is also located on the “campus.” The acquisition and construction of the Project will be financed with Tax-Exempt Bonds in the amount of $8 million issued by California Debt Limit Allocation Committee (”CDLAC”) and purchased by California Bank & Trust. LACDA will provide a NOFA 25A loan in the amount of $6.1 million, $5.8 million will be available during construction and there will be a Seller loan in the amount of $1.5 million. Upon permanent loan conversion, there will be a $3 million taxable tail from California Bank & Trust. The Project is expected to generate $6,789,765 of 4% federal LIHTC equity.
Mental Health America of Los Angeles (”MHALA”) will serve as the lead supportive services provider to the Project for an initial term of one year and will automatically renew on successive one-year terms unless written consent is provided by either party to terminate the service. MHALA will directly provide a list of services, which include but are not limited to: intensive case management, benefits counseling, mental health assessment and counseling, facilitate physical health care, substance abuse serviced, referrals to various services, medication management services, help with access to transportation, employment workshops, and life skills training. These services will be paid for with funds from the Los Angeles County Department of Health Services (DHS) to pay for the salaries and benefits of staff employed to provide the Services.
About Alliant Capital
The Alliant Company is a leading tax credit (LIHTC) firm focused on providing tax credit syndication for the development and financing of affordable multifamily rental housing. Founded in 1997 to assist in America’s critical need for affordable housing, today Alliant is among the nation’s top syndicators and has an unparalleled track record of success. With a dedicated team of experienced commercial real estate, asset management, legal and tax professionals, Alliant provides the highest level of fully integrated real estate and investment support services. We deliver rock-solid expertise with an innovative perspective.
