Multifamily Borrower Improves the Lives of Low-Income Seniors at Hotel Oakland
Fannie Mae recently provided the debt financing on Hotel Oakland, a 315-unit, age-restricted HUD Section 8 apartment community located in downtown Oakland, CA, next to Chinatown. The property is owned by William Langelier, and all of the units at Hotel Oakland are affordable to tenants earning 50 percent of the area median income or below, and who are 62 years of age and above.
The loan was provided through Prudential Mortgage Capital Company, one of Fannie Mae Multifamily's 25 Delegated Underwriting and Servicing (DUS®) lender partners. Making deals like this happen is a team effort at Fannie Mae and it's rewarding to see how this transaction is making a positive impact on the lives of the seniors who live there. It's a great example of why what we do matters.
Here's a terrific article published in California Healthline earlier this month by David Gorn, highlighting the importance of this property and the wellness program that's unlike any other in the country and may be the future model for other states.
Multifamily VP for Affordable, Green, and Small Loans
February 23, 2016