Recognizing the Financial Closing of the Sierra Madre Cottages in Santa Maria, California
Congratulations go out to Peoples’ Self-Help Housing Corporation on the financial closing of the Sierra Madre Cottages in Santa Maria, California. This development will create 40 homes for seniors.
Peoples’ Self-Help Housing Corporation will provide resident services. Services will include counseling, health and well-being classes, referrals, and the organization of community activities. The Sierra Madre Cottages are within easy walk of a public bus stop along with religious facilities, the Alice Trefts Park, and the Elwin E. Mussell Senior Center.
Bank of America Merrill Lynch is providing $9.85 million of Construction Financing. Permanent Financing includes $1.975 million from California Community Reinvestment Corporation, $400,000 from the City of Santa Maria, $1.4 million from Santa Barbara County, $390,000 from FHLB AHP, and a $30,000 private donor loan. Enterprise in thrilled to provide $9.6 million of equity on behalf of Bank of America Merrill Lynch.