Franco Center
144 Mun Kwok Lane • Stockton, CA
Franco Center is a 112-unit affordable housing community for senior citizens. Located in Stockton, Calif., the building was acquired from Housing Authority of the County of San Joaquin following the largest municipal bankruptcy in the history of the United States. The community, which is 100% section 8 housing, was rehabilitated by Community Preservation Partners (CPP), preserving affordability and enhancing the quality of lives for hundreds of seniors.
PARTNERSHIPS
In 2013, the transaction closed with a purchase price of approximately $5 million through a mix of 9% tax credits and a conventional loan from Citi.
A wholly owned subsidiary of WNC & Associates, CPP was able to close on the tax credits in August 2013 after originally purchasing the asset in February 2013 on a bridge loan with Century Housing using Golden State Acquisition Funds – Prop 1 C financing to satisfy the capital needs of the County of San Joaquin.
CPP, interested in maximizing the benefits to the residents, strategically partnered with the nonprofit Rainbow Housing Assistance Corporation to continue and expand the services offered to the residents.
COMMUNITY
Following CPP’s extensive renovation, Bellflower Friendship Manor now has:
- Complete renovation and expansion of the Community Room, including: Ping-Pong and pool tables and an entertainment center
- Addition of a Computer Room
- Addition of a new community office and meeting room made possible by redirecting a garbage-removal route through the main entrance to the community
- WiFi installation throughout the entire building
- Fire prevention upgrades
- Added security cameras, controlled entrances and LED exterior lighting
- Modernized elevators
- Improvements to the exterior façade
- Installation of new air conditioning
- Reconfiguration of the Main Office for tenant accessibility
- Installation of LED lighting throughout the building: Title 24 energy compliance
- Construction of a new public restroom
- Construction of a new Meeting Room for residents
