Belveron Partners, one of the largest owners of affordable housing in the country, recently acquired two properties in Southern California through its preservation fund. The privately held company based in San Francisco paid $23 million for Presidio Park and $37.25 million for Pacific Terrace Apartments.
These acquisitions will result in Belveron extending existing Section 8 contracts with HUD for an additional 20 years beyond their current term. The transactions were made possible through a partnership with the Foundation for Affordable Housing, a family of nonprofit entities that have developed and operated over 150 affordable communities throughout California.
Financing was secured through a $16.5-million loan from Fannie Mae originated by Capital One (Presidio Park) and a $27-million loan from Fannie Mae also originated by Capital One (Pacific Terrace). Belveron is currently raising funds for Flagship Fund VII with a target goal of $350 million.
This recent acquisition showcases Belveron’s commitment to preserving affordable housing options while partnering with reputable organizations such as the Foundation for Affordable Housing. These investments not only benefit residents but also contribute to strengthening local communities across Southern California.
