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California  + Inland Empire  + Finance  | 

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.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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