Worthington La Luna - Administrative GP / Owner

Eduardo Garcia

“I am grateful that we were able to bring home these additional state investments for the city of Imperial. This $15 million grant will support our crucial affordable housing and farmworker housing needs, while creating a safer, healthier, and more sustainable community.” 

WLL

Highlights

  • % of Restricted Units – 100%
  • 46% restricted to 50% or Less AMI
  • 54% restricted to 60% or Less AMI
  •  
  •  
  •  
  •  
  •  
  •  

Overview

Worthington La Luna Family Apartments is a new construction project located in Imperial on a 3.30-acre site. The project consists of 65 restricted rental units and 1 unrestricted manager unit. The project will have 12 one-bedroom units, 36 two bedroom units and 18 three-bedroom units. The buildings will consist of 3-3 story Type VA wood framed over concrete slabs with stucco exteriors and vinyl windows.

Common amenities include a community building with an outdoor patio area and a covered courtyard, a covered tot lot play area to be located within the central courtyard, a computer lounge, laundry facilities and a management office. Each unit will have a refrigerator and a range/oven. There will be 91 covered surface parking spaces provided. Green features will include solar photo-voltaic systems atop all carports as well as roof top solar water heating.

The construction is expected to begin in March 2020 and to be completed in July 2021.

Financial Model

Tax-Exempt Bond Proceeds, Taxable Loan, State LIHTC Equity, Federal LIH Tax Credit Equity, Deferred Developer Fee, Deferred Costs, Seller Carryback Loan
USDA 514 Loan, Net Income From Operations, Residual Receipts Loan Int., Land Note

Community

Partners

We were honored to work with these amazing partners on this project.