CPP, a leading developer in preserving affordable housing, has recently acquired Crestview Terrace in Ellensburg, Washington. This property was built in 1970 and underwent renovations back in 2008. It consists of 168 units spread across 76 single-story buildings with a mix of one to four-bedroom units.
In addition to providing affordable housing for low-income individuals and families, Crestview Terrace also serves special needs groups such as large families, persons with disabilities, and those experiencing homelessness.
With CPP’s involvement, the property’s affordability status has been extended from its original expiration date of 25 years to now remaining an affordable housing option for the next 40 years. The deal was made possible through the allocation and issuance of private activity bonds by the Washington State Housing Finance Commission along with syndication by Huntington National Bank.
Citi Community Capital will provide tax-exempt permanent financing as well as construction financing for this project. This exciting acquisition marks another step towards CPP’s mission to preserve accessible and quality affordable housing options nationwide without compromising on comfort or sustainability.
