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Bellflower Friendship Manor

Bellflower, CA

Bellflower Friendship Manor  – Bellflower, CA

Property

Bellflower Friendship Manor is a 144-unit mid-rise affordable senior community originally built in 1973 and located in Bellflower, CA.

Financing

$19,150,000 tax-exempt bond financing providing acquisition, rehabilitation and permanent loan capital.

Description

Red Stone purchased $19,150,000 of fixed rate tax-exempt bonds used to acquire and preserve Bellflower Friendship Manor.  As part of the preservation of the Property, a new 20-year HUD Housing Assistance Payment Contract was provided to ensure the long-term affordability of the community for the current and future low income senior citizen tenants.