Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

Stonebridge Senior Apartments – State College, PA

Stonebridge Senior Apartments exterior
Image Source: Spectrum Field Services, Inc.

Through the Positive Social Purpose Lending Program and in partnership with The Community Development Trust, participation was purchased in a loan providing financing for a 58-unit rental property in State College, PA. The project is age-restricted to tenants 62 and older with household incomes up to 60% of area median income. Common area amenities include a community room with a kitchen, laundry facilities, computer room, a pool, tennis courts and 58 parking spaces. Stonebridge Senior Apartments is part of a larger planned and phased development for the area.

Transaction Summary:
 

Property Name: Stonebridge Senior Apartments
Location: 1680 Bristol Avenue, State College, PA
Units: 58
Loan Amount: $1,528,200
Term: 18 years
Purchase Date: April 28, 2017

 

For more information about The Community Development Trust: www.cdt.biz

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

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