Arrowhead Grove, San Bernardino CA
National Community Renaissance of California
Klein Hornig represents the sponsor, National Community Renaissance of California, on this RAD conversion and revitalization of a large public housing site, Waterman Gardens. Two phases totaling 137 units have been opened to date; an additional 184 units have been approved for funding. Klein Hornig coordinated for each phase the RAD closing; a Wells Fargo equity investment; a HUD-insured 221(d)(4) loan; and soft public debt from the City, County and Housing Authority. Both early phases marked important developments in HUD’s RAD practice involving new construction “transfers of assistance.”
