July 6-OAKLAND, CA
Congratulations to Many Mansions on the financing closing for Central Terrace, a new construction development in downtown Oxnard. The project will contain 86 one-bedroom units to be rented to households earning 30 – 60% of AMI.
Central Terrace is the product of a collaboration between Many Mansions and the City of Oxnard, which recently completed a new planning effort for the area. Central Terrace helps to fulfill the city’s ongoing efforts to activate its downtown core while promoting transit-accessible affordable housing development that contributes to the reduction of greenhouse gas emissions.
Adjacent to the downtown Oxnard rail station, the project is funded through the state’s Affordable Housing and Sustainable Communities program, which provided funding for the Central Terrace affordable housing itself as well as transit and streetscape improvements throughout downtown Oxnard and Ventura County. Residents of the project, which includes 35 units set aside for special needs households, will benefit from improved connectivity throughout the region with access to job opportunities and community amenities.
Merritt Community Capital Corporation is proud to provide $18.6 million in tax credit equity capital to Many Mansions for this impactful project that fulfills multiple missions.
Thank you as well to project financing partners at Banner Bank, the City of Oxnard, Ventura County, the State Department of Housing and Community Development, and the Federal Home Loan Bank of San Francisco. Merritt is proud to work with Many Mansions on this project by providing an equity investment backed by a team dedicated to the organization’s non-profit mission.
“At Banner Bank, we are committed to creating true, lasting change in the communities we serve, that’s why we joined in on this project,” said Nancy Abreu, Senior Vice President and Director of Specialty Lending at Banner Bank. “We celebrate Many Mansions and the work they’re doing to support the City of Oxnard, as well as Merritt Community Capital for bringing like-minded partners together.”
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.