Financial Closing of Waverly Place
Mental Health Association of San Mateo County (MHA) has just closed financing for Waverly Place in Redwood City, CA! With this project, MHA is creating 15 home for vulnerable individuals who are homeless or living with mental illness. All will operate with Continuum of Care rental assistance, which will provide rental assistance and robust supportive services.
Wells Fargo will provide $5.2 million in construction financing via tax exempt bonds. Permanent financing will be provided through $1.4 million of San Mateo County HOME/CDBG financing, a $950,000 San Mateo County AHF loan, a $1.9 million CALHFA Mental Health Services Act loan, a $2.7 million Multifamily Housing Program Supportive Housing loan, and a $600,000 loan from Redwood City. Enterprise is providing $2.83 million of equity. Congratulations to MHA on the closing of this important project!