California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
KeyBank Provides $43M Financing for La Mesa Multifamily Project
KeyBank Community Development Lending & Investment has provided a $31.9 million construction loan and a $10.9 million bridge loan to USA Properties Fund, Inc. for the development of an affordable housing project in La Mesa, CA. KeyBank’s Jeremiah Drake and Kevin Ruf structured the financing on behalf of the borrower.
The project, 8181 Allison Apartments, will consist of 147 one- and two-bedroom units plus a two-bedroom Manager apartment, and meet restricted requirements of 30%, 50% and 70% of the AMI. In addition, residents will have access to onsite social services to assist in income, employment and stabilization.
In addition to the KeyBank financing, the development received a $25.3 million federal LIHTC from WNC and $7 million in subsidy financing and $20.7 million in permanent financing from the California Housing Finance Agency Mixed Income Program. The City of San Diego also provided a 65-year, cost free lease of the land, valued at nearly $7 million.
Image courtesy of 8181 Allison Ave TOD Housing
- ◦Financing
