Bridgeport, Connecticut
CDT Correspondent
JPMorgan Chase Bank
Investment Description
Park City Residential Care Home provides critically needed affordable assisted living to 50 low- to moderate-income seniors. Acquired and renovated in 2001-02 by Martland Management, Inc., the facility is also the careful rehabilitation of an historic building located on the west side of Bridgeport, Connecticut. Park City offers several on-site services to residents, including daily meals, housekeeping, transportation to and from appointments, and personal care assistance. Residents receive monthly rental subsidies from a state-sponsored assistance program to supplement the cost of those services.
Transaction Highlights
Park City was financed with a construction/permanent loan from CDT's lending partner, JPMorgan Chase, in combination with Low Income Housing Tax Credit equity and a Community Development Block Grant second mortgage from the City of Bridgeport. CDT acquired the permanent mortgage from JPMorgan Chase in early 2003, soon after the property stabilized. Park City Residential Care Home has operated at close to full occupancy since opening.
the community development trust
