{"id":1004127218,"date":"2015-09-10T06:56:52","date_gmt":"2015-09-10T14:56:52","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=360495"},"modified":"2022-03-03T14:51:42","modified_gmt":"2022-03-03T22:51:42","slug":"grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/","title":{"rendered":"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Berkadia<\/a> recently arranged a $10 million loan for the Grace Tower affordable senior housing community in San Diego.<\/p>\n

The 40-year, fixed rate loan was arranged through HUD<\/a>\u2019s Section 221(d)(4) program by Berkadia Senior Director Mike Kulick of the company\u2019s Pasadena office. The owner, a California nonprofit, will use the funds to rehab the property over the following year, naming Falkenberg\/Gilliam & Associates as the project manager.<\/p>\n

\n

\"Grace<\/a><\/p>\n

Grace Tower<\/p>\n<\/div>\n

Located at 3955 Park Blvd., Grace Tower is a 15-story building that totals 168 residences. Almost half a century old, the building offers a unit mix that consists of studio and one-bedroom apartments. The resident amenity package at Grace Tower features a rec room, billiard room, a library, as well as a patio with a gazebo.<\/p>\n

Awarded for 20 years, the senior preservation rental funding provided by HUD is meant to prevent the displacement of unassisted senior housing residents that currently live in Section 202 Direct Loan projects. Only 20 units at Grace Tower will continue to receive Section 8 project-based rental assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of only 12 projects in the country to have received Senior Preservation Rental Assistance Contract funding was recently refinanced.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1608],"tags":[],"class_list":["post-1004127218","post","type-post","status-publish","format-standard","hentry","category-san-diego"],"acf":[],"yoast_head":"\nGrace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding\" \/>\n<meta property=\"og:description\" content=\"One of only 12 projects in the country to have received Senior Preservation Rental Assistance Contract funding was recently refinanced.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-10T14:56:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T22:51:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/\",\"name\":\"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg\",\"datePublished\":\"2015-09-10T14:56:52+00:00\",\"dateModified\":\"2022-03-03T22:51:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/540f0253de89dedaae7684239611b81c\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#primaryimage\",\"url\":\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg\",\"contentUrl\":\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/540f0253de89dedaae7684239611b81c\",\"name\":\"Alex Girda\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Alex-Girda.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Alex-Girda.jpg?w=96\",\"caption\":\"Alex Girda\"},\"description\":\"Alex is a senior editor with Multi-Housing News and Commercial Property Executive who has more than a decade of experience in the industry. Mainly focused on data-driven exploits, he works with Yardi Matrix and CommercialEdge to provide insights into the real estate market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/alex-girda\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/","og_locale":"en_US","og_type":"article","og_title":"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding","og_description":"One of only 12 projects in the country to have received Senior Preservation Rental Assistance Contract funding was recently refinanced.","og_url":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-09-10T14:56:52+00:00","article_modified_time":"2022-03-03T22:51:42+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg","type":"","width":"","height":""}],"author":"Alex Girda","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/","url":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/","name":"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg","datePublished":"2015-09-10T14:56:52+00:00","dateModified":"2022-03-03T22:51:42+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/540f0253de89dedaae7684239611b81c"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Grace-Tower.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/grace-towers-saving-grace-comes-in-the-form-of-a-loan-and-hud-funding-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Grace Tower\u2019s Saving Grace Comes in the Form of a Loan and HUD Funding"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/540f0253de89dedaae7684239611b81c","name":"Alex Girda","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Alex-Girda.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Alex-Girda.jpg?w=96","caption":"Alex Girda"},"description":"Alex is a senior editor with Multi-Housing News and Commercial Property Executive who has more than a decade of experience in the industry. Mainly focused on data-driven exploits, he works with Yardi Matrix and CommercialEdge to provide insights into the real estate market.","url":"https:\/\/www.commercialsearch.com\/news\/author\/alex-girda\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004127218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004127218"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004127218\/revisions"}],"predecessor-version":[{"id":1004570286,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004127218\/revisions\/1004570286"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004127218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004127218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004127218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}