Century is super proud, and relieved, to announce that we completed our 180 day sprint and closed on construction and partnership financing for The Banning, Century’s latest permanent supportive housing community. Comprised of 64 apartment homes, The Banning will deliver hope to 64 households experiencing homelessness in Wilmington. This will be Century’s first PSH community outside Century Villages at Cabrilllo to be served by Century property management and residential services.

Today’s milestone was the result of a 4+ year journey from that fateful winter day in 2018 when we executed our purchase and sale agreement. Nine PSA amendments later, we finally closed on the dirt in October 2020 following an elaborate diligence effort to understand some of the site’s complexities. From there we began assembling our capital stack including commitments of HHH financing from the City of LA, NPLH financing from the County of Los Angeles, AHP financing, and lastly an allocation of credits and bonds from CDLAC/TCAC in December 2021.

Each of these closings feels like a miracle and we have some spectacular miracle workers amongst us, especially Gil who ran point on the closing (and lost some hair while he was at it). He was supported by a spectacular crew including Oscar, our intern Brian R., Heather, Howard, Andrea, Cindy, Brett, Kim, Steve and so many more across the Century family. And how could we forget Paige who got the party started back in 2018 and seamlessly handed the baton to Gil several years later!

Congratulations to the whole Century team for achieving this watershed moment. While we’ve closed on our financing our eyes and hearts remain open to what this is all about: creating opportunities for a better, more healthy and hopeful life for our future residents.