The BLVD Group has purchased Bonnie Brae Terrace, a 164-unit affordable senior housing community in Belmont, Calif. Lesley Senior Communities sold the asset for $18 million, according to Property Shark data.
BLVD secured a $10.8 million Fannie Mae loan originated by Newmark, public records indicate. Developed by The Lesley Foundation in 1971, the property traded for the first time.
Bonnie Brae Terrace encompasses three, four-story buildings. Common-area amenities include a courtyard, dining areas, a parking garage and direct access to Belmont Canyon hiking trails.
Bonnie Brae Terrace is located at 2400 Carlmont Drive, in the San Mateo County. The community is close to Interstate 280, which provides direct access to downtown San Francisco and San Jose, Calif. Hillside Shopping Center, Laurelwood Park and San Carlos Airport are within a 3.9-mile radius from the property.
Preserving the affordability
The affordable and age-restricted community serves seniors earning between 30 and 80 percent of the area median income. A total of 60 units are covered by a project-based Section 8 contract. The new owner will preserve the affordability of the community and will implement a renovation program.
The redesign will include the improvement of the 27,000-square-foot common-area with the addition of a fitness center and a movie room. Plans also call for upgrades to the lobby, library, dining rooms and exterior courtyards.
BLVD has recently broken ground on the redevelopment of its newly acquired 150-unit affordable housing community in Newport News, Va. The company paid $14.6 million for the property, using a $21 million loan from the Virginia Housing Development Authority and a $1 million carry-back loan.
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