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Affordable Housing Gets Refi Boost in San Bernardino
A Freddie Mac loan totaling $15.3 million was recently obtained by Alliant Strategic Investments to refinance an affordable multifamily housing property in San Bernardino. Built in 1968 and renovated in 1999, Village Green Apartment Homes is a 184-unit garden-style property consisting of 38 one- and two-story residential buildings on 20 acres.
Alliant Strategic is planning to invest $1.8 million into the interiors, exteriors and common areas.
The property is subject to a land use restriction agreement, limiting all units to tenants with an income at or below 60 percent of the area median income. The property also benefits from a housing assistance payments contract until 2023 that covers 65 units.
The loan is structured with a 10-year term and subsequent to a three-year interest-only period, and amortizes on a 30-year schedule. Paul Angle of KeyBank Real Estate Capital’s commercial mortgage group and Hector Zuniga of Key’s community development lending and investment team structured the financing.
