June 27-OAKLAND, CA
Congratulations to Mutual Housing California on the financing closing for Wong Center Senior Apartments, a new construction development in downtown Sacramento’s emerging mixed-use Railyards project. The project will contain 149 one and two-bedroom units to be rented to seniors earning less than 40 – 60% of AMI.
When it is completed in 2024, Wong Center Senior Apartments will be one of the first projects in the Railyards district, which covers 244 acres of land adjacent to downtown Sacramento and is anticipated to include a variety of uses including a new Kaiser Permanente Hospital, retail district, and thousands of units of housing once fully built-out. The Wong Center project, located in the development’s southeastern quadrant, will serve as an anchor bridging the project with existing downtown neighborhoods.
Merritt Community Capital Corporation is proud to provide $24.5 million in tax credit equity capital to Mutual Housing California, a long-time Merritt partner on past projects in the Capitol region. The project would not have been possible without a major infusion of capital the Wong Center Inc., a non-profit with a decades-long history owning and operating affordable housing for Sacramento’s seniors. Thank you as well to project financing partners at Bank of the West, the Sacramento Housing and Redevelopment Agency, as well as Downtown Railyard Ventures, which is developing the larger project.
“Bank of the West was excited to help finance the Wong Center Senior Apartments, bringing needed senior housing to Sacramento,” said Raji Narayanan, Vice President at Bank of the West, “it was great working with Mutual Housing California and Merritt Community Capital Corporation to accomplish this important and expansive housing project in the new Railyards district.”
As California’s nonprofit housing tax credit syndicator, Merritt was critical to providing equity to construct this project. Merritt is proud to work with Mutual Housing California for this project – the organization’s largest project to-date – by providing an equity investment backed by a team dedicated to Mutual’s non-profit mission.
Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.
About Merritt
Merritt Community Capital Corporation is a nonprofit dedicated to our mission to provide equity capital for affordable housing exclusively to California. We do this by partnering with mission-aligned affordable housing developers throughout the state to ensure the most critical communities are developed and maintained for low-income residents. Since 1989, Merritt has created and/or preserved more than 9,000 affordable homes, through investing $1 billion in 23 separate funds, providing housing for nearly 25,000 people.