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KeyBank Arranges Development Financing for Petaluma Affordable
KeyBank Community Development Lending and Investment (CDLI) provided a $31.7-million construction loan and KeyBanc Capital Markets provided a floating-to-fixed interest rate swap to develop an affordable multifamily property in Petaluma.
Petaluma River Place includes a mix of one, two, and three-bedroom layouts for a total of 50 units available to households earning no more than 20%, 30%, and 60% of the area median income. The project sponsor, Burbank Housing Development Corporation, is an established nonprofit public benefit corporation founded in 1980.
The project received local support via $23.7 million in financing from the California Department of Housing and Community Services and its California Housing Accelerator Program, $4.3 million from the HCD No Place Like Home Funds, and $5.7 million from the HCD Joe Serna Farmworker Housing Funds.
Matthew Haas and Karen Roche of KeyBank CDLI structured the financing. Sam Donzelli of KeyBanc Capital Markets provided the interest rate swap.
- ◦Financing


