May 29, 2024-Oakland, CA
Congratulations to The Pacific Companies on the financing closing for Northwind Senior Apartments, a new construction development in Paradise, CA. The project contains 20 one-bedroom units to be rented to senior households earning 30-60% of AMI.
Northwind Senior’s units will provide much needed housing options to senior households in Paradise and the greater Chico area. Financed in partnership with the local government, state, and federal agencies, the project is part of the larger rebuilding of the Town of Paradise in the wake of the tragic Camp Fire.
In November 2018, a wildfire named the Camp Fire erupted in Butte County that would destroy the Town of Paradise and other nearby communities in what was the deadliest and most destructive wildfire in California history. In addition to loss of life, tens of thousands were displaced. The Town of Paradise itself saw a population decline of 90% with only 5% of buildings in town escaping serious damage. Since 2019, through combined local, state and Federal effort, the Town has been rebuilding from this disaster. Northwind Senior marks Merritt’s second affordable housing project that is part of this recovery.
“The construction of Northwind Senior Apartments is another major recovery step for the Town of Paradise after the devastating 2018 Camp Fire,” said Nadia Alekseev from the Town of Paradise. “We extend our gratitude to Merritt and other dedicated partners whose collaboration has turned our vision into reality. This project will have a monumental impact on our Town, enhancing the lives of our seniors and strengthening our community for generations to come.”
This project marks Merritt’s third partnership with The Pacific Companies, one of the top developers of affordable housing in California and the nation. Since 1998, The Pacific Companies has successfully completed more than 160 projects throughout the western United States, with a special focus on California. In 2023, the company was ranked as the top producer of affordable housing nationwide by Affordable Housing Finance magazine. Merritt is proud to partner with The Pacific Companies as an organization having such a large-scale impact on the state’s affordable housing ecosystem and aligning with our vision that everyone should have a home in a community where they can thrive.
Merritt Community Capital Corporation is proud to provide $4.6 million in tax credit equity capital for this project. Thank you as well to our financing partners at Banner Bank and the Town of Paradise. The project is expected to complete construction in mid-2025.
Contact David Dologite – Director of Acquisitions to learn about Merritt’s equity solutions for your project.
About Merritt Community Capital Corporation
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 11,100 affordable homes, through investing over $1.4 billion in 26 separate funds, providing housing for over 29,700 people.