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Greystone Affiliate Finances Brawley MF Development
Greystone affiliate, America First Multifamily Investors L.P. (ATAX), provided $22 million in tax-exempt and taxable bond financing for the construction of Ocotillo Springs Apartments, a $28.7-million, 75-unit affordable housing property in Brawley. Idaho-based Pacific West Communities received a 24-month term and paydown of tax credit equity, and additional equity from a low-income housing tax credit investor.
The project will be funded by $15 million in tax-exempt bonds and $7 million in taxable bonds, to be privately placed with ATAX. ATAX’s Frank Bravo originated the transaction.
The planned property will provide low-income housing for residents meeting 30-60% AMI. The apartment complex, to be comprised of four three-story buildings, is intended to be net-zero-energy and is funded in part by a grant received from California’s Greenhouse Gas Reduction Fund in 2019. The property will include a 3,000-square-foot community building with test kitchen, lab, playground, swimming pool, bike storage, fitness center, and BBQ areas.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development




