Bellflower Friendship Manor
Bellflower Friendship Manor is a 144-unit mid-rise affordable senior community originally built in 1973 and located in Bellflower, CA.
$19,150,000 tax-exempt bond financing providing acquisition, rehabilitation and permanent loan capital.
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.