The CMFA recently completed a $20,000,000 financing for the Judson Terrace Apartments
Judson Terrace Homes Apartments is an existing project located in San Luis Obispo on a 2.82-acre site. The project consists of 101 restricted rental units, 4 unrestricted units and two unrestricted managers’ units. The project has 70 one-bedroom units and 37 studio units. Building renovations will consist of replacing HVAC systems, upgrading finishes, limited framing repairs due to dry rot, and improvements to site drainage. The rehabilitation is expected to begin in January 2019 and be completed in January 2020. Built in 1968, the project is comprised of 11 two-story residential apartments with elevators and a shared community building. While the property has been well maintained, many of the building systems are at, or beyond, the end of their useful lives, and the property is in need of a moderate rehabilitation. Site work will include upgrading lighting with LED fixtures, removing and replacing concrete to meet ADA accessibility requirements, providing more centralized trash enclosures, replacing the asphalt shingle roof, repainting exterior buildings, and replacing all exterior doors and windows at units. Units will have kitchen cabinets replaced. The financing of this project will result in preserving affordable housing for 101 low-income households in the City of San Luis Obispo for another 55 years.