Feature Debt

CDT: A National Resource

INVESTMENTS

Steinbeck Commons
Salinas, California

Investment Description

Built in 1983, Steinbeck Commons is a 100-unit, 100% project-based Section 8 property. This age-restricted community is located in downtown Salinas, a highly walkable community with numerous restaurants, shops, and services. Southport Financial Services purchased Steinbeck Commons in 1998 and renovated the property with LIHTC funding.

Transaction Highlights

CDT acquired an 80% limited partner interest in Steinbeck Commons in 2012. With this purchase, CDT ensured that Southport and a nonprofit partner would remain as general partners and that the property continues to be operated as high-quality affordable housing for seniors in Monterrey County. Cambridge Management was also able to remain as the property manager and continue to provide important resident activities and assistance with accessing social services.