June 6, 2018

Celebrating the Grand Opening of Waverly Place Apartments

Waverly Place

Mental Health Association of San Mateo County is celebrating the grand opening of Waverly Place Apartments, a new construction development in Redwood City, California! The community will provide 16 apartments for homeless individuals diagnosed with mental illness. Waverly Place will provide supportive services for all residents, including life skills training, transportation assistance and pre-employment support. The property is conveniently located near supermarkets, schools, public transportation and a free health clinic.

Financing

Wells Fargo provided $5.2 million of construction financing. Permanent financing included $600,000 from Redwood City, $2.3 million from San Mateo County (HOME, CDBG, and AHF), $2 million from the California Housing Finance Agency for Mental Health Services and $2.7 million from the California Department of Housing and Community Development for Supportive Housing. Enterprise was thrilled to provide $2.8 million in equity.