The Cove Adds 90 Veteran Homes to Century Villages at Cabrillo

Century is extremely proud to announce we just closed on our construction and partnership financing for The Cove! This $46.6 million development will provide 90 supportive homes to Veterans, including many that are experiencing homelessness.  The multiple layers of public and private financing have been secured and multiple layers of land and title matters, including easements, regulatory agreements, CC&Rs, reciprocal agreements, financial liens, and an active subdivision process have been settled.

All of this came together “under the gun” as a 9% tax credit deal with a hard readiness closing deadline and an outside placed-in-service obligation that forced us to start construction ahead of the closing, including resident relocation, building demolition, the installation of 750 stone columns in the earth, and extensive utility relocation work. Congratulations to Chris, Kyle, Oscar and all of the various individuals and teams that supported this closing including CVPM, Oasis, Asset Management, Century lending, legal, our finance/accounting team, Century’s lending team.

The Cove is an integral part of The Century Villages at Cabrillo’s Community Plan. It will be sited in the heart of The Villages, along Williams Street, and it will occupy a portion of Long Beach Savannah Housing, an SRO development that is comprised of 196 congregate style units spread out across 16 buildings. Stay tuned for updates as we near the projected October 2023 opening.