Hispanic Housing Development Corporation Takes First Step to Expand Redevelopment in Puerto Rico

On March 12, 2020, an affiliate of Hispanic Housing acquired the 100 unit Santa Juanita Housing for the Elderly, an 8-story 100 unit Section 8 property located in Bayamon, Puerto Rico, for a cost of $4,000,000.  The acquisition was financed with a $4,360,000 first mortgage loan from NeighborWorks Capital, which funded a portion of the acquisition costs plus a large replacement reserve, to cover the costs of any necessary improvements or repairs to the property.  Bayamon is the third largest city in Puerto Rico and a part of the San Juan – Carolina – Caguas Metropolitan Statistical Area.  This acquisition is the first for Hispanic Housing outside of the Chicago and its surrounding states, and is the first step in an expanded redevelopment effort in Puerto Rico.