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Belveron Pays $60M for SoCal Affordable Properties
Belveron Partners, one of the country’s largest owners of affordable housing, acquired Presidio Park in Santa Barbara and Pacific Terrace Apartments in Midway City through its most recent preservation fund. The privately held San Francisco-based company paid $23 million for Presidio Park and $37.25 million for Pacific Terrace.
As a result of the acquisitions, Belveron will extend the existing Section 8 contracts with HUD for an additional 20 years beyond their existing term. Belveron partnered on these transactions with the Foundation for Affordable Housing, a family of nonprofit entities that have helped develop and operate more than 150 affordable communities in California.
The transactions were financed by a $16.5-million Fannie Mae loan originated by Capital One (Presidio Park) and a $27-million Fannie Mae loan (Pacific Terrace), also originated by Capital One. Belveron is actively fundraising for Flagship Fund VII, with a target of $350 million.
- ◦Sale/Acquisition
