Paulson Park is an expansive rental housing community that targets seniors earning 50% or less of area median income. The first phase of development, completed in 1972, included construction of 149 apartments situated in 12 two-story, wood-framed buildings. Mid-Peninsula Housing Corporation purchased the community in 1998, using tax credits for the purchase and rehabilitation of the original buildings. Mid-Peninsula then constructed three new buildings on the site, adding another 104 units and again using tax credits.
CDT purchased the loan on Paulson Park—the largest in CDT’s history—as part of a $48 million portfolio purchase from CCRC in 2011.