Celebrating the Financial Closing of Westlake Christian Terrace West in Oakland, California
Christian Church Homes is celebrating the closing of Westlake Christian Terrace West in Oakland, California! This development will preserve 200 homes for seniors. Christian Church Homes is providing voluntary services to residents based on their commitment to help seniors age in place. Services will include transportation, financial education, health care, recreational activities, and in-home support. Located within the Westlake neighborhood of Oakland – an established neighborhood experiencing tremendous new market rate development – the property has excellent access to public transportation and is within walking distance to a variety of new restaurants and shops.
Citibank is providing $54.8 million of construction financing. Permanent financing includes a $26.6 million permanent loan from Citibank and Sponsor financing. Enterprise is providing $33.75 million of equity on behalf of Freddie Mac.