May 28, 2020
Rose Community Capital, the lending arm of Jonathan Rose Companies focused on the origination, underwriting and placement of FHA insured multifamily mortgages, arranged bridge acquisition financing for Sunny Garden Apartments in La Puente, CA. The financing is through its new Rose Community Capital bridge loan program. The $15-million short-term loan represents the first to close under the new program, aimed specifically at preserving existing affordable housing.
Sunny Garden Apartments, a JV of developer Alliance Property Group Inc. and Community Revitalization & Development Corporation, purchased the 13-story, 96-unit affordable and senior multifamily property from La Puente Gardens. Marcus & Millichap’s Joshua Ross and Eli Appel represented the buyer and seller.
Rose Community Capital’s Kelly Boyer says, “We’ve worked closely with our funding partner, IMPACT Community Capital, to structure a bridge lending initiative that will help secure the affordability of Sunny Garden, and similar projects, well into the future.”
For comments, questions or concerns, please contact Dennis Kaiser