Project

Windsong

Rohnert Park, CA, 1994

A condominium renovation project in Rohnert Park, California.

Windsong is a condominium renovation project in the City of Rohnert Park, California, and Northbay Family Homes' first project in Sonoma County. Designed to meet condominium standards, the units were first rented by the developer for 10 years to take advantage of laws that favored landlords.

After the units had been rented for 10 years, Northbay Family Homes facilitated the rehabilitation of the property that was necessary due to tenant wear-and-tear. We then facilitated the sales of the individual units, including financing for their purchase.

Five homes were purchased through the Northbay Family Homes CASA Home Loan' Program, which enabled homes to be sold for their full market price while still remaining affordable. Each sale at full price benefits both the County of Sonoma and the City of Rohnert Park, as they can collect a full share of property taxes on each unit due to the fact that California property taxes are based on the home's sale price.

Our involvement in Windsong included the following services from our Seven Points of Entry in real estate development:

Securing the Construction Financing;
Securing the Mortgage Take-out Financing;
Occupancy Activities (getting buyers into ownership units); and
Post-Occupancy Asset Holding (managing the investments of others following completion and occupancy).