March 18, 2019

Recognizing the Financial Closing of the Sierra Madre Cottages in Santa Maria, California

Drawing of 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.

Financing

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.

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