MHCLF teamed up with Funding Partners to provide a $2 million subordinate acquisition loan to help Metro West Housing Solutions acquire Marston Pointe Apartments in Lakewood. The 160-unit complex built in the late 1990s was approaching the end of its tax credit compliance period and it becomes the tenth apartment community property in MWHS’s portfolio.
The loan request exceeded MHCLF’s loan limit but with the participation of Funding Partners and their purchase of $1 million of the note, the transaction closed. The Marston Pointe Apartments transaction represented the third acquisition in the last two years where MHCLF and Funding Partners have done loan participations.
The Marston Pointe Apartments is a mixed income property with 41% of the units restricted at 50-60% AMI. The property is made up of eight buildings on 8.75 acres and community amenities include pool, playground, fitness center, clubhouse with kitchen and business center.