An aging 132-unit property in Los Angeles County will undergo a significant rehabilitation after securing new financing.
Candeur Group announced closing a $17 million low-income housing tax credit (LIHTC) equity investment in La Puente Park Apartments. The deal involves the resyndication of an existing family property built in 1969 and rehabilitated in 2002 using LIHTCs.

The project developers, Preservation Partners Development (PPD), will invest approximately $90,000 per unit of rehabilitation to preserve the units for residents in the 100% project-based Sec. 8 community.
In addition to the LIHTC equity investment, the property was financed with $16.9 million of short-term bonds underwritten by Citigroup Global Markets, a $29 million Federal Housing Administration Sec. 221(d)(4) loan provided by Red Mortgage Capital, and $6.6 million of seller financing.
"La Puente Park represents the 10th property we have syndicated with PPD, and we are thrilled to continue our partnership with them," said Catherine Talbot, partner at Candeur Group. "Preservation of LIHTC housing is critical, especially in high-cost housing markets like Los Angeles."
The $90,000 per unit La Puente rehabilitation plan will replace major systems and completely renovate the unit interiors and common areas, according to Chuck Treach, development director of PPD, which owns and manages approximately 3,600 units of LIHTC housing.
Candeur is an investment banking firm for the affordable housing industry, providing syndication as well as advisory services to developers, syndicators, and investors. Since its inception in 2013, the firm has invested more than $300 million through LIHTC syndication funds and their U.S. Treasury-certified Community Development Financial Institution fund.