July 11, 2017

Celebrating the Financial Closing of Everett & Eagle Apartments

Enterprise would like to congratulate Island City Development and the Housing Authority of the City of Alameda (AHA) on the financial closing of Everett & Eagle Apartments, in Alameda, California! The new development of Everett & Eagle will add 20 affordable homes for families and veterans, including 12 homes with rental subsidies. The Victorian designed development is ideally located within walking distance of many daily amenities in downtown Alameda and will offer a community room and outdoor playground and picnic area for tenants to gather.

Financing

Chase and Morgan Stanley will provide $9.9 million of construction financing. Chase will also provide $3.3 million of permanent financing, along with a $4.2 million loan from AHA and a $1 million loan from Alameda County. Enterprise will provide $7.49 million of equity.