Wells Ave Project
Completed in 2008 Wells Ave is a 39 unit senior affordable housing project located in Reno, NV. The Idaho-Nevada CDFI and National Equity Fund jointly participated in the nearly $1,000,000 site acquisition loan. Nevada Security Bank provided the construction loan and the Idaho-Nevada CDFI provided the permanent loan with participation from Charles Schwab Bank.
The borrower and property owner is Wells Avenue Partners, a Nevada Limited Partnership, which is a single asset entity. The two General Partners are: Community Services Agency Development Corporation and Wells Avenue Partners, LLC (Robert Nielsen, Ann Harrington and Gregory Griffin). The equity-limited partner is the National Equity Fund, headquartered in Chicago, IL.
The project site is located within the newly designated Downtown Reno Regional Center Plan area.
The project consists of a mix of one- and two-bedroom units and be affordable to seniors earning between 30% AMI and 50% AMI. It includes a community room, a computer room, individual patios and balconies, washers and dryers in the units, ceiling fans and high energy-efficient hot water heaters. The project site is located in close proximity to the county library, the Washoe Medical Center as well as affiliated medical services, and downtown Reno with many cultural and recreational opportunities.
Stephen A. Harriman and Associates was the architect on the project and Sunseri Construction, or Chico, CA was the contractor.
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