A campus located in Trenton, New Jersey, Trent East (228 units) and Trent West (246 units) are two high rise apartment buildings reserved for elderly residents. A CCI affiliate purchased both buildings in December of 2014 so that it could immediately move forward with 4% bond transactions comprised of approximately 17 million of hard cost construction renovation, including (but not limited to) full interior unit upgrades, energy upgrades/efficiencies and building system/health/safety improvements. Also, these projects provide numerous amenities to its elderly population in the form of a full time service coordinators to help residents age in place and a congregate care grant that provides meals, housekeeping and transportation.
West: In conjunction with this purchase, CCI obtained 150+ units of long term rental subsidy for unsubsidized renters via HUD’s component 2 RAD program such that 100% of all residents in Trent West could benefit from rental subsidy. In December of 2015, CCI successfully closed the bond transaction, securing approximately 7.4 million of LIHTC equity, 4.277 million of equity attributable to ERG state tax credits, 2 million of AHP monies as well as the financing of approximately 3 million dollars of an IRP decoupling via a 221(d)4 HUD loan.
East: At the time of purchase, the existing HUD 202 debt was prepaid and CCI obtained an additional 16 units of project based Section 8 via a new SPRAC award so that 90% of the building benefited from Project Based Section 8. In August of 2015, CCI successfully closed a 13.5 million dollar bond transaction, securing approximately 5.7 million in LIHTC equity, 3.4 million of state credit equity, 1.5 million of AHP monies as well as a 7.5 million dollar forward committed for permanent financing. In addition to building renovations and services mentioned above, this project consists of 34 assisted living units where residents are provided augmented health services by a third party care provider.