Loan Amount: $1,960,000
Developer: Tierra Realty Trust
The Loma Parda Apartments is a 60-unit multifamily rental project, with 44 units (73.3%) income-restricted to seniors aged 55 and older at or below 60% of AMI, consisting of 24 duplex-style buildings with one- and two-bedroom units. The property targets low-income seniors, with approximately 40% of tenants receiving Housing Choice Vouchers for deeper affordability. Amenities include a community building with kitchenette, fitness room, meeting room, computer lab, and children\'s play area. Unique features include its casita design appealing to seniors, adjacency to public transportation, and use of loan proceeds for capital improvements like HVAC replacement and roofing.