Prater Partners
(Sierra Crest Apartments)
Prater Partners is a 72 unit senior housing project located in Sparks, NV.
This project opened on March 22nd 2005 and is entirely leased up. The CDFI is the permanent lender. Our loan is for $2.3 million, 6.1% fixed, 30 year amortization with a fifteen year call. The unit mix is 45 one-bedroom units and 27 two-bedroom units. The one-bedroom units are about 580 square feet and the two bedroom units have about 725 square feet. The rents are affordable to households earning between 30% and 45% of area median income within a range of $317 - $630. Tenants have washer/dryers in their units as well as patios or balconies.
Additional capital for the project was provided by:
Federal Low-income Housing Tax Credits $4,429,973
HOME deferred loan 703,194
Sparks Redevelopment Agency 575,000
Bank of America was the construction lender.
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