Real Estate Blog

Community Development Trust, partner invests in Sanger affordable senior housing

A national real estate investment trust company is partnering with a financial organization to invest $20 million into long-term fixed-rate mortgages for low-income housing developments across California, including one in Sanger.

Community Development Trust and TIAA-CREF will cover eight first mortgages in six cities.

About $670,000 will go to Elderberry at Bethel on 3505 5th St. in Sanger. The 74-unit senior development has one- and two-bedroom apartments.

“Long-term fixed-rate financing contributes to the stability of the communities we invest in,” CDT president and chief executive officer Joseph F. Reilly said in a news release. “This partnership between two mission-driven organizations ensures that low-income individuals, families, and seniors continue to have safe, secure and affordable homes.”

The investment will help preserve 555 affordable housing units statewide.