With our extensive renovation, Franco Center now has an improved and expanded community room, including ping-pong, pool tables, and an entertainment center. With an addition of a new computer room, community office, meeting room, and Wi-Fi throughout the building, residents can work undisturbed. With features such as new security cameras, controlled entrances, LED exterior lighting, updated elevators, new air-conditioning units, and an improved exterior facade, Franco Center is a state-of-the-art residential community.
We bought the community with a purchase price of approximately $5 million through a mix of 9% tax credits and a conventional loan from our partner, Citi. We were 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. Interested in maximizing the benefits to the residents, we strategically partnered with the nonprofit Rainbow Housing Assistance Corporation to continue and expand the services offered to the residents.
On the roof, 100 percent of available roof space was optimized with the installation of thermal PV and solar PV systems. They are maintained through a STEM Energy management system that controls how much electricity is consumed from the power grid, which keeps utility costs at a minimum and makes the project very efficient.
There's nothing like that new home smell. Like our residents, we take great pride in our properties, with all that they provide the community, from the individual apartments to the community spaces. Click below to see more.