Congratulations to Milestone Housing Group on the recent financial closing to acquire property in San Jose for the Milestone Senior Arts Colony and to the Housing Authority of San Joaquin on securing funding for Sonora Square Apartments in Stockton. These two developments will bring 141 new affordable homes to seniors and families experiencing homelessness.
Milestone Senior Arts Colony
Milestone Housing Group purchased two adjacent properties on Santa Clara Street in San Jose for the proposed development of 103 affordable apartments for seniors, half of which will be for elderly individuals experiencing homelessness.
The mixed-use, transit-oriented development will be one six-story, L-shaped, concrete- and wood-framed building, which will house 77 studio apartments, 26 one-bedroom apartments, 2,500 square feet of ground-floor retail and several common area amenities on the first and second floors.
The ground floor amenities will include a business center, conference room, property management and resident services offices, community room, a common area kitchen and food pantry and an outdoor courtyard with a pet area. Additional common area space, including a computer room, small community room and outdoor seating and dining areas will be available to residents on the second floor.
Through a partnership with Abode Services, residents will have access to an array of supportive services on-site, including job training, financial literacy, computer training, case management and health education and activities.
Additionally, the development will be directly across the street from the Roosevelt Community Center and park, where they offer free meals to seniors 60+ Monday through Saturday as well as other art, music, health, and education programming.
Enterprise Community Loan Fund provided $4.8 million in acquisition financing through the Bay Area Transit Oriented Affordable Housing Fund.
Sonora Square Apartments
The Housing Authority of San Joaquin’s Sonora Square Apartments in Stockton will create 38 homes for families experiencing homelessness. Through a partnership with San Joaquin County’s Behavioral Health Service, residents will be provided with an array of supportive services. Sonora Square is in the Seaport neighborhood, surrounded by a mixture of commercial, residential and retail with access to public transportation.
Financing for this project consisted of a combined $13.6 million construction loan as well as a $2.1 million contingent loan. Enterprise Housing Credit Investments proudly provided $9.2 million in equity to fund this project.