A proposed 170-unit affordable housing development has taken a step forward by securing nearly $70 million in financing.
KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital announced that they partnering with Ravello Holdings to develop Maison's Village, an affordable housing community in Palmdale, about 60 miles from Los Angeles.
Matthew Haas, Keven Ruf, and Jonathan Woodland of KeyBank structured the financing, which included a $45.2 million construction loan and a $24.5 million Freddie Mac tax-exempt permanent loan. In addition to the funds provided by KeyBank, support comes from a $31 million equity investment by WNC.
The development will have 27 one-, 71 two-, and 72 three-bedroom units, averaging 38% below-market rents. The apartments will be home to residents earning between 30% and 80% of the area median income (AMI), with the average household earning 58% of the AMI.
All units will have higher-end finishes and appliances, with air conditioning, microwaves, washers, dryers, and dishwashers. The three-bedroom units all will have two-car garages. Four common area buildings will provide a recreation room, a fitness center, a pool, a leasing office, and maintenance operations. The development will also feature a park.