Project Description
Coventry Court Senior Apartments
Address: 17100 Cambridge Way, Tustin, CA 92782
Phone Number: (949) 705-0010
Year Completed: 2012
Type: Senior | Units: 240
Management: Greystar
Property Website: www.coventrycourtseniors.com
Partners/Lenders:
- California Tax Credit Allocation Committee (CTCAC)
- California Debt Limit Allocation Committee (CDLAC)
- Mile Rock Capital
- Citibank
- Federal Home Loan Mortgage Corporation (Freddie Mac)
Coventry Court Senior Apartments is a 240-unit senior housing community in the master planned community of Columbus Square, which is located on the former Tustin Marine base in Orange County, Calif. This mixed-income multifamily community consists of 60% market rate units and 40% affordable.
The Columbus Square master planned community, which was owned by a partnership between Lennar and Lyon Homes, included a parcel of land which had been designated for senior housing and initially zoned for senior condos.
When the market turned in 2006/2007, the feasibility of developing those condos was significantly reduced. The planned condos were burdened with mello-roos, HOAs, and affordability covenants.
Meta Housing Corporation was able to give Lennar and Lyon a solution: convert the product to senior rentals. We worked for a year to re-entitle the land, while maintaining age and affordability restrictions and fulfilling all obligations to the HOA.
We then secured 4% low income tax credits and tax-exempt bond financing, and coupled those sources with a third-party market rate investor.
By combining these elements, we were able to fulfill the obligation to the City and deliver affordable units while allowing Lennar and Lyon to move forward with the remaining components of its master plan.