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$221 million in financing secured for East Palo Alto affordable housing

Original post made on Dec 21, 2016

East Palo Alto's largest owner of low-income housing has secured a $221 million Freddie Mac loan, real estate lending company Greystone announced on Monday, Dec. 19.

Read the full story here Web Link posted Tuesday, December 20, 2016, 2:39 PM

Comments (4)

Posted by Willows neighborhood
a resident of Menlo Park: The Willows
on Dec 21, 2016 at 1:02 pm

Is this next to the willows?


Posted by Nextdoor
a resident of Menlo Park: The Willows
on Dec 21, 2016 at 2:32 pm

Adjacent to Menlo Park Willows and Palo Alto Crescent Park.

Veteran Silicon Valley Broker Arranges Sale of Sprawling East Palo Alto Apartment Properties He Helped Assemble More Than 15 Years Ago (June 2016) Web Link

East Palo Alto’s Woodland Park apartments — a massive collection of more than 1,800 rent-stabilized units — are about to change hands in a blockbuster deal that puts a new landlord in charge of more than half of the city’s multifamily rental housing stock.

An affiliate of Menlo Park’s Sand Hill Property Co. is buying the sprawling neighborhood of apartment buildings from publicly traded Equity Residential, Sand Hill executives confirmed last week. (Feb 2016)
Web Link


Posted by Hmmm
a resident of another community
on Dec 21, 2016 at 3:49 pm

Why is The Almanac referring to this property portfolio as an "affordable housing project" when some of these buildings - not all - are rent stabilized and therefore subject to vacancy decontrol, which, as was intended by the law, practically speaking, kills off the affordability for many?


Posted by Not News?
a resident of another community
on Dec 23, 2016 at 1:58 pm

Please do better. So far, this "breaking news" story is a reworked copy of today's Greystone corporate press release, incorrectly titled "Greystone Provides $221 Million Freddie Mac Credit Facility for Affordable Housing in Palo Alto, CA" No context reporting does not contribute to our local news. Is there news here or not? Is this just a refinancing of a loan (a non-event) or does it signal something important? Like the beginning of major redevelopment in East Palo Alto? i.e. tear down the existing low-rise apartments and build the high rise towers envisioned in EPA's Westside Area Plan. Please provide some news we can use.


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